Popular meme coin Dogecoin has recorded a significant rise as the crypto market shows signs of revival. DOGE is currently trading at $0.07897.
Dogecoin’s price has been fluctuating recently between $0.07700 and $0.08200. Despite the upward trend, Meme coin could not maintain its momentum and fell below previous support levels.
The past few days have shown a general upward trend. The weekend in particular witnessed a modest increase of over 5%.
According to the data, 24-hour trading volume also dropped significantly, dropping over 21% to $304 million, ranking 10th in market value. In addition meme coin‘s market value is almost 11 billion dollars.
Dogecoin Price Prediction: Latest Market Fluctuations
Famous cryptocurrency analyst Ali Martinez shared a message on January 30. on tweet He highlighted Dogecoin’s significant network growth. This cryptocurrency has experienced a significant 100% increase in new address formations over the past week.
the #dogecoin The network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week!
On January 29 alone, a record-breaking 247,240 new #DOGE addresses were created, marking an all-time high. A sustained uptrend in network… pic.twitter.com/7tNAPzJaP2
— Ali (@ali_charts) January 30, 2024
This significant increase in network activity was especially notable on January 29, 2024. That day, the network created 247,240 new DOGE addresses, breaking a record for the coin. This type of increase in network expansion is usually a positive indicative signal of the cryptocurrency’s value.
Dogecoin Price Prediction: Upward Momentum Potential
If the bulls sustain DOGE price above the key support levels at $0.080, it will challenge the next resistance at $0.09. Maintaining this level could pave the way for DOGE to target a higher resistance mark at $1. This scenario depends on the market’s ability to maintain its current momentum.
However, there is also another side to consider. If market momentum weakens, DOGE’s price could decline and it is possible to test the $0.075 support level. In a market dominated by bears, DOGE could even face a steeper decline, potentially testing a lower support threshold at $0.07 in the foreseeable future. The daily candlestick displays a significant long-tail rejection, which is indicative of strong buying interest at this lower support level.
The Moving Average Convergence Divergence (MACD) shows a red decreasing histogram. This trend is typically interpreted as a sign of increasing bullish momentum in the market. Additionally, moving averages indicate an upcoming bullish crossover. This indicates that significant price changes may be on the horizon.
Additionally, the Relative Strength Index maintains a neutral stance, which is reflected in its horizontal trajectory. This shows that there is no clear market trend. These indicators show that the crypto market is at a critical point. Although there seems to be a trend towards an uptrend, the market is still in an expectation phase and waiting for a more decisive signal.