Dogecoin

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Dogecoin, the memecoin, exhibited a sparking rally from crucial support of $0.09733, and the crypto-landscape resonated green, when BTC sustained from July 5th onwards on the daily chart. As of writing, it presents the possibility of continuing its breakout from the falling wedge, a bullish pattern. 
Dogecoin (DOGE) has a market cap of $19.978 Billion, ranking 8th among the top 10 on CoinMarketCap. The memecoin has strongly resonated with the price activity of the market leader, as it has a BTC correlation of 0.92. 
As of writing, DOGE was trading at $0.13775 with an intraday gain of 5%; this week, it has grown by 19%, and in the past two weeks, by nearly 50% surge. Likewise, the 24-hour volume has surged by 34%, where the total volume on all tradeable platforms amounted to $1.413 Billion. 
Additionally, the liquidity in memecoin is good; as of writing, the 24-hour volume-to-market cap ratio stands at 7.07%. This makes it easier to buy or sell closest to its price value on any exchange, even though investors and traders must proceed with caution (DYOR). 
<h2 class="wp-block-heading" id="h-dogecoin-doge-on-chain-overview">Dogecoin (DOGE) On-Chain Overview!</h2> 
As per the Messari website, the market dominance of<a href="https://www.thecoinrepublic.com/2024/07/10/can-dogecoin-price-do-3x-gains-heres-what-analysts-say/"> DOGE stands at 0.8%</a>, its transaction volume has grown massive to $363 Million, and miner revenue has advanced to $1.92 Million. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXftoPkRxBBfcnbi27RS5o0rSZcldB-wkoudM-vooGppx5NGeCWm2RH5PyCuJcCRNZmiMWg0YDwlm5lblac24xiRMq1avQeZVWroJ8mpX8rr-MpWfmn7vp0F-yWBIlVN10KN0taGjKg3_UpcRNmZEiph1dg?key=-fwkftmvXTGO-sq1M1cjTQ" alt="Dogecoin ">
 <figcaption class="wp-element-caption">
 On-chain data | Source: Messari
 </figcaption>
</figure> 
Also, the socials have enormous followings, as Reddit has 2.46 Million subs, and X has 3.98 Million followers. 
The transactions that happened in the past 7 days that were greater than $100K were $1.27 Billion. The total number of addresses holding DOGE in balance was 6.53 Million, and the average time that Dogecoin stayed at an address before it was transferred was around 2.3 years. 
Meanwhile, the concentration of whales in DOGE stands at 41.56%, with nearly 64.48 Billion, in their possession. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdFQ9CmxXZ9L86pwlIaWzTsXGLk5i3LlY4PkaEWSyMeLPTnp73GgrYhRNen6C5jQ2NTkRvCEB741MURIBLU5VF-zWPrV2nbrMFpixOl-t6IPS2qesd5WkflOzLNdykxH9jZCQ3LPN96S1AOss-8r3Y8KdKd?key=-fwkftmvXTGO-sq1M1cjTQ" alt="Dogecoin ">
 <figcaption class="wp-element-caption">
 In/out of the Money | Source: IXFI
 </figcaption>
</figure> 
Furthermore, the in/out of the money chart showed the data of holders’ money based on the losses, profits, and breakeven. Which are 4.95 Million, 1.27 Million, and 151.57K addresses, respectively.&nbsp; 
<h2 class="wp-block-heading" id="h-deciphering-the-daily-chart-of-dogecoin-doge">Deciphering the Daily Chart of Dogecoin (DOGE)</h2> 
The daily chart has built a bullish pattern. To be precise, the falling wedge and a breakout has popped out from the upper border. It has sparked bulls’ presence from $0.09733 and has surpassed $0.12826 on the daily chart. 
The rally appears to be in the process, and a momentum contingent on buyers’ interest could lead to more than 50%on the daily charts.  
<a href="https://in.tradingview.com/chart/DOGEUSD/kF2adMzg-Deciphering-the-Daily-Chart-of-Dogecoin-DOGE/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
The indicators, at a glance, display that the MACD moved above the zero line with histogram at 0.00388. Likewise, the dynamic resistances of EMA bands have been breached, which now backs the price of DOGE, and RSI flashed at 62.93, signifying the bull’s presence. 
Therefore, if the sustenance on $0.12826 gets followed by the bulls’ interest, the nearest resistance would be at $0.1747, and $0.22562, respectively. 
However, if DOGE loses traction on the $0.12826, the deterioration could stretch toward the $0.09733 and $0.05729 levels.Dogecoin surged 50% in the past two weeks, fueled by Bitcoin’s rally and a breakout from a bullish pattern. It currently trades at $0.13775. Whether it can reach $0.17 this year depends on market conditions and investor sentiment. 
The post <a href="https://www.thecoinrepublic.com/2024/07/23/dogecoin-doge-price-up-19-this-week-can-it-explode-soon/">Dogecoin (DOGE) Price Up 19% This Week, Can It Explode Soon?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Dogecoin (DOGE) Price Up 19% This Week, Can It Explode Soon?

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Thecoinrepublic.com

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