Why Dogecoin (DOGE) Price Is Up Today?

The post Why Dogecoin (DOGE) Price Is Up Today? appeared first on Coinpedia Fintech News

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