Pepe

FOMO

Dogecoin

Shiba Inu

<img width="1280" height="731" src="https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35.jpg" class="attachment-full size-full wp-post-image" alt="dogecoin price analysis" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35.jpg 1280w, https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35-300x171.jpg 300w, https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35-1224x699.jpg 1224w, https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35-768x439.jpg 768w, https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35-150x86.jpg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
After facing instability and high volatility earlier this week, Dogecoin price had ascended to $0.1667 on Friday. The largest meme coin renewed bullish sentiment comes amid a new wave of meme coin hype. Top meme coins like&nbsp;<a href="https://coingape.com/shiba-inu-news-bone-leaps-ranks-on-binance-futures-next-listing-soon/" rel="noopener noreferrer nofollow">Shiba Inu</a>&nbsp;and Pepe rallied extensively last week, assuring investors that the sector is far from being dead.
Dogecoin price sustains a 10% increase over the last 24 hours on top of a whopping 100% surge in 30 days, according to&nbsp;<a rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/dogecoin">CoinGecko</a>.
Weathering the storm this week bolstered the uptrend backed by support at $0.13. The massive spike in trading volume to $3.2 billion mirrors growing investors’ interest in the token targeting $1 before&nbsp;<a href="https://coingape.com/glossary/bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcoin halving</a>.
Dogecoin has also booked a spot among the top ten cryptos, ranking 9th with a market cap of $23.9 billion.
<h2 class="p1" id="evaluating-dogecoin-price-technical-structure-as-bulls-target-1">Evaluating Dogecoin Price Technical Structure As Bulls Target $1</h2>
Dogecoin price hovers above the daily open at $0.1579. While all the four-hour candles close above this level, DOGE appears to falter due to the seller congestion at $0.17.
Bulls have an uphill task to increase confidence in the uptrend, starting with a breakout above the major hurdle at $0.2. In addition to the short-term resistance at $0.17, another congestion at $0.18 threatens to dampen the tail force.
<figure id="attachment_184811" aria-describedby="caption-attachment-184811" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184811" src="https://coingape.com/wp-content/uploads/2024/03/DOGEUSD_2024-03-08_16-14-45.png" alt="Dogecoin price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/03/DOGEUSD_2024-03-08_16-14-45.png 2694w, https://coingape.com/wp-content/uploads/2024/03/DOGEUSD_2024-03-08_16-14-45-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/03/DOGEUSD_2024-03-08_16-14-45-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/03/DOGEUSD_2024-03-08_16-14-45-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/03/DOGEUSD_2024-03-08_16-14-45-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/03/DOGEUSD_2024-03-08_16-14-45-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/03/DOGEUSD_2024-03-08_16-14-45-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-184811" class="wp-caption-text">
 Dogecoin price chart | Tradingview
 </figcaption>
</figure>
Intraday traders considering new positions in DOGE may want to watch out for dips, especially now that overhead pressure is ballooning.
The confluence support at $0.1606 formed by the 20-day Exponential Moving Average (EMA) in collaboration with the 38.2% Fibonacci level, is a potential demand area.
If Dogecoin overstretches the correction, there are multiple levels bulls can rely on to reduce the intensity of the fall, including the ascending trendline, and the 50-day EMA (the line in red on the chart).
Fundamentally, <a href="https://coingape.com/price/dogecoin/" rel="noopener noreferrer nofollow">Dogecoin</a> is poised to continue with the rally eyeing new a record high. Blockchain analytics firm IntoTheBlock, reveals a massive uptick in the number of active addresses.
Active addresses make up the wallets interacting with the blockchain by sending or receiving tokens. From a February low of approximately 97,000, this cohort of addresses currently holds above 191,000.
Newly created addresses reflect the same enthusiasm, increasing from around 28,000 to 116,000 in the period.
<figure id="attachment_184812" aria-describedby="caption-attachment-184812" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-184812" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-16.13.58.png" alt="Dogecoin network stats | IntoTheBlock" width="2374" height="1230" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-16.13.58.png 2374w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-16.13.58-300x155.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-16.13.58-1224x634.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-16.13.58-768x398.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-16.13.58-1536x796.png 1536w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-16.13.58-2048x1061.png 2048w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-08-at-16.13.58-150x78.png 150w" sizes="(max-width: 2374px) 100vw, 2374px">
 <figcaption id="caption-attachment-184812" class="wp-caption-text">
 Dogecoin network stats | IntoTheBlock
 </figcaption>
</figure>
The persistent growth in network activity backs the bullish outlook in Dogecoin. Therefore, traders may consider loading up on DOGE as it moves sideways between support at $0.16 and resistance at $0.17, as the next move will likely blast past $0.2 and trigger FOMO toward $1 in the long run.
The post <a href="https://coingape.com/markets/dogecoin-price-aiming-1-as-rival-meme-coins-become-attractive/" rel="noopener noreferrer nofollow">Dogecoin Price Aiming $1 As Rival Meme Coins Become Attractive&nbsp;</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin Price Aiming $1 As Rival Meme Coins Become Attractive

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