Dogecoin (DOGE) has experienced a notable price increase, rising 19% this week. The memecoin surged from crucial support at $0.09733, driven by Bitcoin’s steady performance since July 5. As of now, Dogecoin shows potential to continue its breakout from a falling wedge, a bullish pattern.
Dogecoin, with a market cap of $19.978 billion, ranks eighth among the top 10 cryptocurrencies on CoinMarketCap. Its strong correlation with Bitcoin, at 0.92, has significantly influenced its recent price activity.
Currently, DOGE is trading at $0.13775, marking a 5% intraday gain. Over the past two weeks, Dogecoin’s price has surged by nearly 50%. The 24-hour trading volume has also increased by 34%, reaching $1.413 billion. The memecoin’s liquidity remains strong, with a 24-hour volume-to-market cap ratio of 7.07%, making it easier to trade at its market value.
Dogecoin (DOGE) On-Chain Overview
According to Messari, DOGE’s market dominance stands at 0.8%. Its transaction volume has grown to $363 million, and miner revenue has advanced to $1.92 million. The memecoin has a significant social media presence, with 2.46 million followers on Reddit and 3.98 million on X (formerly Twitter).
In the past week, transactions over $100,000 totaled $1.27 billion. There are 6.53 million addresses holding DOGE, with an average holding period of 2.3 years. Whale concentration in DOGE is at 41.56%, with 64.48 billion DOGE in their possession.
Deciphering Dogecoin’s Daily Chart
Dogecoin’s daily chart shows a bullish pattern with a breakout from a falling wedge. The price has risen from $0.09733, surpassing $0.12826. This rally is ongoing, and if buyer interest continues, DOGE could see a more than 50% increase on the daily charts.
Indicators suggest a positive outlook. The MACD has moved above the zero line, with a histogram at 0.00388. The EMA bands, now supporting DOGE’s price, and the RSI at 62.93 indicate bullish presence.
If DOGE maintains support at $0.12826, the next resistance levels are $0.1747 and $0.22562. However, if it loses traction, the price could fall back to $0.09733 and $0.05729.
Dogecoin’s recent surge, fueled by Bitcoin’s rally and a bullish pattern breakout, has the market watching closely. Whether it can reach $0.17 this year depends on market conditions and investor sentiment.
