Rally

Bitcoin

Dogecoin

The Dogecoin <a href="https://www.newsbtc.com/analysis/doge/dogecoin-price-prediction-doge-pump-to-0-12/">price action</a> in the past few days is showing signs of the crypto <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-poised-for-bullish-breakout-30-rally-predicted/">embarking on a bullish recovery</a>. Particularly, DOGE has seen a strong uptick in trading volume in the last few days, fueled by an increase in activity from whale addresses.&nbsp; 
At the time of writing, DOGE spiked by over 6% in the past 24 hours to break over $0.09 for a brief moment. This spike in DOGE came despite the price of Bitcoin showcasing a weakening of bullish momentum at $52,000 and most cryptocurrencies sparking corrections, indicating a lingering bullish momentum among DOGE traders. 
<h2 id="doge-recent-metrics-indicate-recovery-trend">DOGE Recent Metrics Indicate Recovery Trend</h2> 
Dogecoin mostly went through a lackluster price action throughout January, with the cryptocurrency ending the month at $0.07973, a negative 13% from its open price on January 1. The $0.079 price level acted as a major support, as DOGE started to rebound in early February after the formation of a double bottom. Consequently, <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-doge-path-to-0-2/">DOGE technicals</a>, transaction count, and <a href="https://www.newsbtc.com/news/market-dip-not-for-dogecoin-wallets-as-over-400000-new-users-drive-frenzy-upward/">price action</a> pointed to a <a href="https://www.newsbtc.com/news/can-february-be-dogecoin-month-bullish-indicators-point-to-potential-price-explosion/">change in momentum</a> and sentiment amongst traders.&nbsp;&nbsp; 
According to metrics from the on-chain analytics platform <a href="https://x.com/intotheblock/status/1759607301269246387?s=20" rel="nofollow">IntoTheBlock</a>, the Dogecoin ecosystem has witnessed a lot of activity in the past month, processing more than 1 million transactions every day since the 30th of January. This increase in activity seems to have been reflected in the price of Dogecoin, with the cryptocurrency up by 11% since the beginning of February. 
<img loading="lazy" decoding="async" class="alignnone wp-image-575991 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Dogecoin.png?w=460&amp;resize=548%2C242" alt="Dogecoin" width="548" height="242" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Dogecoin.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/02/Dogecoin.png?w=460&amp;resize=548%2C242 460w" sizes="(max-width: 548px) 100vw, 548px" data-recalc-dims="1"> 
At the time of writing, DOGE’s trading volume from Coinmarketcap is approximately $824 million, an increase of over 129% in the past 24 hours. The majority of the recent increase in activity can be attributed to whales of large investors.&nbsp; 
According to <a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=financials&amp;chart=largeTransactions" rel="nofollow">Dogecoin whale data</a>, whale transactions greater than $100,000 now stand at $2.53 billion in the past seven days. Notably, this transaction count from large investors reached 1,570 in the past 24 hours with a total volume of 15.88 billion DOGE. This huge surge of activity seems to be providing the cryptocurrency with a big boost, fueling an impressive recovery that could see it crossing the $0.1 threshold once more and possibly reaching the $0.2 price level. 
<h2 id="doge-price-action-rally-to-0-2">DOGE Price Action – Rally To $0.2?</h2> 
Dogecoin has started showing signs of life again, fueled in large part by whale activity. The crypto recently surged to $0.09115 in the past 24 hours. Although still up by 1% in the same timeframe, DOGE has since corrected by 4.5% and is currently trading at $0.08702.&nbsp; 
A minor support is at the $0.08693 price level, with metrics and general market sentiment pointing to continued bullish price action in the short time. The first price level would be the return to $0.09. If Dogecoin manages to maintain a stronghold above this key milestone, it is expected to create a more bullish momentum among traders which could see it <a href="https://www.newsbtc.com/analysis/doge/dogecoin-price-prediction-doge-to-0-10/">breaking past above $0.1</a> for the first time in three months.&nbsp; 
This breakthrough over $0.11 could mark an important milestone for Dogecoin’s price trajectory, as the next target would be $0.2.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/I0KsLIaK/" alt="Dogecoin price chart from Tradingview.com" width="3286" height="1530">

Dogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2?

Table of Contents

NewsBTC

Other articles published on Feb 20, 2024

Web3 Startup Hack VC Raises $150 Million for New Venture Fund

Bitcoin: Will ETF interest push BTC to new highs?

Meme Tokens Attract Investor Optimism as Market Heats Up

BlackRock Premieres ‘Advisor-Friendly’ Bitcoin ETF Ad as IBIT Extends Lead

Ripple (XRP) Allegedly Established a Partnership with a New Bank!

New Crypto AI Presale Raises Over $500,000 – Is $SCOTTY the Best Crypto to Buy Now?

Join our free newsletter for daily crypto updates!