Dogecoin’s growth has lagged this year, but the meme coin recently rallied in the past week, hitting a four-month high. The question that remains to be answered is whether or not cryptocurrency can do that maintain its momentum and keep shooting forward.
DOGE started as a meme token but has become an outlier among cryptocurrencies in recent years. Despite a double-digit price increase, the cryptocurrency lagged behind gains in late October and early November, as the majority of cryptocurrencies recovered from the long bearish market of the first half of the year.
Dogecoin price rises to 4-month high
After hitting the monthly low of $0.0565 in October, Doge posted a 21% gain, and then a 22% gain in November, resulting in the formation of two consecutive monthly green candles for the first time since October 2022. has continued this trajectory and its price is up 9.1% over the past seven days, one of the best gains among the top cryptocurrencies. This recent gain helped DOGE reach $0.08715, its highest level since April 2023.
DOGE trading volume on various stock exchanges has risen by 30.7% in the past 24 hours. At the same time, the exchange data from IntoTheBlock’s Order Books statistics reveal an interesting current overview of the power struggle between bulls and bears. According to the trading books of 14 crypto exchanges tracked by IntoTheBlock, the bulls appear to have the upper edge at the moment.
DOGE market cap currently at $12.07 billion on the daily chart: TradingView.com
At the time of writing, buyers have placed purchase orders of 901.7 million DOGE at an average price of $0.085112. Meanwhile, sellers only listed 848.13 million DOGE for sale at an average price of $0.085137. This interesting dynamic indicates that there are significantly more buyers than sellers, which could create scarcity and continue to drive up the price.
Can Bulls Take DOGE Above $0.3?
In light of the price increase and some on-chain metrics, data suggests that the crypto is headed for a sustained price increase. DOGE immediately bounced off what appeared to be resistance at the $0.08715 level and is currently trading at $0.08515. While DOGE is up 21% since the beginning of the year, it is down 13% from December 3, 2022.
DOGE went at a spectacular 525% run the last time it closed two consecutive monthly green candles. If history repeats itself, the crypto could shoot past $0.55 in the coming months. The first step would be to go back up and maintains a strong break above resistance at $0.087 at the convergence of the 0.786 Fibonacci level and the 100 and 200 week moving averages. The next resistance to watch would then be the yearly high of $0.096 in April.
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