As the crypto market records a strong bullish reversal, Bitcoin price records a 24-hour high of $58,041.12. Following this, top altcoins have followed in their footsteps and experienced a similar price action by breaking out of their respective resistance levels.
On the other hand, the memecoin category has recorded the highest gains with 5 tokens securing a spot in the daily top gainers list. The prime reason for this price surge is speculated to be increased whale activity in the market.
With this, investor’s speculations about a potential memecoin mania this year have resurfaced. Dive in as, in this article, we have covered the price analysis of the largest memecoin by market capitalization.
DOGE Price Breaks Its Important Resistance Level
After hovering close to its support/resistance trendline of $0.101 since August. The Dogecoin price has regained momentum by adding ~5% to its portfolio over the past day. Moreover, with a jump of 15% this year, the memecoin leader has a market cap of $15.011 billion.
The Simple Moving Average (SMA) has recorded a bullish convergence in its 1D time frame. This indicates increased buying pressure for this memecoin in the crypto market.
Further, the MACD indicator has displayed a rising green histogram in the DOGE price chart. Moreover, the averages experience increased bullish action. This suggests that the DOGE coin price will continue gaining value in the coming time.
How High Will Dogecoin Go In 2024?
Maintaining the price above its support level of $0.101 could set the stage for this memecoin to test its resistance level of $0.127. Moreover, if the bulls continue to gain momentum, the Dogecoin price will head toward its upper resistance level of $0.155.
On the flip side, if the bears overpowered the bulls, the price will retest its support level of $0.101. Moreover, if the bears dominate the crypto market, it may plunge toward its lower support level of $0.0780.
Also read, Dogecoin Price Prediction 2024 – 2030
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed