The meme currencies are preparing for a massive surge as the cryptocurrency market gains traction thanks to the U.S. markets. The largest meme coin by market capitalization, Dogecoin (DOGE), is rebounding quickly. The price activity resembles a prior bull run, so sideline traders believe a breakout rally with strong momentum is about to occur.
Anticipating a meteoric surge in 2024, the DOGE price action suggests a swift advance to surpass the $0.10 threshold. Furthermore, the meme coin is about to create new meme coin billionaires because of the active lower-level Dogecoin community.
Dogecoin is reversing gains made concerning the US dollar from the $0.230 zone. For DOGE to begin a new increase, it must remain above the $0.1750 support zone.
- According to Kraken’s data, the DOGE/USD pair’s 4-hour chart showed a break below a significant bullish trend line with support at $0.2040.
- DOGE lost ground against the US dollar and found it difficult to maintain above $0.225.
- The price may resume rising if there isn’t a closing below the $0.1750 support.
- The price is crossing both the $0.1750 mark and the 100 simple moving average (4-hour).
Factors Affecting the Price of DOGE
Market exaggeration is a major factor in DOGE’s success. Social media has a significant emotional impact on investors. In the past, price increases for Dogecoin have significantly been aided by celebrity endorsements such as Elon Musk’s. This influence is vital as meme culture spreads online.
Also read: Analyst’s 20X Rally Projection To “Melt Faces” in XRP and XLM Blast
DOGE’s appeal is also fueled by accessibility. Being listed on major exchanges such as Coinbase increases its potential user base. Expanding merchant acceptance as a mode of payment enhances practicality. Businesses may accept Dogecoin in an unprecedented way this year.
From a technical standpoint, the recent protocol modifications aim to improve DOGE’s long-term efficiency and scalability. Future planned developments may pique the interest of more long-term holders if executed well. The short-term pricing, which will likely still outweigh these gains, will be impacted by the hype.
When comparing competing meme coins, DOGE continues to be more widely known than the majority. It is impervious to crashes that cause injuries to other people. Because of its network effects and strong brand following, DOGE might perform better than comparable rivals if the overall meme coin craze reappears. A thriving ecosystem and successful updates might also advance it in the long run.
Technical Measures
- Primary Support levels: $0.1820, $0.1750, and $0.1480.
- Levels of Major Resistance: $0.2000, $0.2150, and $0.2300.
- Four-hour MACD: The DOGE/USD MACD is moving closer to the negative area.
- Four-hour relative strength index (RSI): The DOGE/USD RSI is below the 50-point mark.
Further drawbacks with DOGE?
DOGE’s price may drop further if it cannot rise above $0.200. The initial downward support is located close to the $0.1820 mark.
The next significant support is located at or around the 50% Fib retracement level of the upward advance from the $0.1228 swing low to the $0.2294 high. If a bearish breach is below the $0.1750 support level, the price may plummet much further. In the outlined situation, the price might fall to $0.1480.
Also read: Experts Indicate That The Price of XRP is About To Explode; These are The Goals
