Dogecoin News – Can Dogecoin break through THIS barrier to hit $1?


  • DOGE’s network activity remained high throughout the last week. 
  • Most market indicators looked bearish on the memecoin. 

Dogecoin [DOGE] bears have once again gained control of the memecoin’s price action by phishing the coin down. However, there was more to the story as the memecoin was on the verge of breaking out of a bullish pattern.

In case of a successful breakout, investors might expect DOGE to move towards $1. 

Will Dogecoin breakout soon?

CoinMarketCap’s data revealed that the world’s largest memecoin’s value dropped by over 4% in the last seven days. This got even worse in the last 24 hours as the coin witnessed yet another 4% price drop.

At the time of writing, Dogecoin was trading at $0.09534 with a market capitalization of over $13.9 billion, making it the 8th largest crypto.

As per our look at IntoTheBlock’s data, 3.52 million DOGE addresses were in profit, which accounted for over 54% of total DOGE addresses.

In the meantime, World Of Charts, a popular crypto analyst, posted a tweet revealing a bullish pattern on DOGE’s chart. The bullish falling wedge pattern appeared on DOGE’s chart a few months ago, and since then, the coin’s price has been consolidating inside it.

At the time of writing, the coin was showing signs of a bullish breakout. In fact, if the pattern is to be believed, then a breakout might result in DOGE moving towards $1 in the coming weeks. 

Dogecoin's bullish patternDogecoin's bullish pattern

Source: X

The odds of DOGE breaking out

AMBCrypto then assessed the world’s largest memecoin’s on-chain data to better understand whether it will manage a bullish breakout. Our analysis of Santiment’s data revealed that Dogecoin’s MVRV ratio dropped last week, indicating a continued price drop.

However, the rest of the metrics looked optimistic. For example, whale transaction count remained high. Additionally, its daily active addresses were also stable, reflecting consistent traffic on the blockchain. 

Dogecoin's daily active addresses were highDogecoin's daily active addresses were high

Source: Santiment

Apart from that, at the time of writing, DOGE’s fear and greed index had a value of 39%, meaning that the market was in a “fear” phase.

Whenever the metric reaches this level, it indicates that the chances of a price increase are high. We then took a look at DOGE’s daily chart to see what technical indicators suggested regarding a bullish breakout above the falling wedge pattern. 


Is your portfolio green? Check out the DOGE Profit Calculator   


As per our analysis, the Relative Strength Index (RSI) registered a downtick. The MACD also displayed a bearish crossover, indicating that it might take more time for DOGE to break above the bull pattern.

Nonetheless, the Chaikin Money Flow (CMF) remained bullish as it registered an uptick. 

Source: TradingView

 

Next: Can Solana bounce back? THESE factors fuel optimism


#Dogecoin #break #barrier #hit

Want to see more news about Dogecoin?

Johnny Walker

I love posting news feeds!

Related Posts

Dogecoin News – Whales bought over 400m DOGE, on-chain signals look bullish

Whales have started accumulating Dogecoin as bullish on-chain signals surfaced for the largest meme coin. According to data provided by IntoTheBlock, the Dogecoin (DOGE) large holders’ inflow increased by 970%…

Dogecoin News – Top 3 Best Cryptocurrencies Set to Go fly in Q4 2024: Ripple (XRP), Dogecoin (DOGE), Rexas Finance (RXS)

As we approach the final quarter of 2024, the cryptocurrency market is abuzz with speculation about which digital assets are poised for significant growth. Among the myriad options available, three…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Ethereum and Bitcoin Investors Add Future A.I Dating Cryptocurrency To Future Investment Portfolios, Here’s Why – 247CryptoReporter

Ethereum and Bitcoin Investors Add Future A.I Dating Cryptocurrency To Future Investment Portfolios, Here’s Why – 247CryptoReporter

Ethereum News : Bitcoin and Ethereum Fee Drop: The Perfect Time for Cost-Effective Transactions

Ethereum News : Bitcoin and Ethereum Fee Drop: The Perfect Time for Cost-Effective Transactions

UK set to classify crypto and NFTs as property under newly proposed legislation NFT Cryptocurrency

UK set to classify crypto and NFTs as property under newly proposed legislation NFT Cryptocurrency

Dogecoin News – Whales bought over 400m DOGE, on-chain signals look bullish

Dogecoin News – Whales bought over 400m DOGE, on-chain signals look bullish

Here’s how much Michiganders lost in crypto fraud in 2023 – 247CryptoReporter

Here’s how much Michiganders lost in crypto fraud in 2023 – 247CryptoReporter

Ethereum News : Solana Remains Institutional Investors’ Favorite As Outflows Rock Bitcoin, Ethereum

Ethereum News : Solana Remains Institutional Investors’ Favorite As Outflows Rock Bitcoin, Ethereum
Please enter CoinGecko Free Api Key to get this plugin works.