Dogecoin (DOGE) Price Surge Triggers New Macro Uptrend, 50% Rally Expected

Amidst overall volatility in the cryptocurrency market, meme coins have resurged into the spotlight. Dogecoin (DOGE) has continued its upward trajectory, marking a weekly gain of 40% with a 12% surge in the last 24 hours, breaking above the $0.20 mark. Currently, Dogecoin (DOGE) is trading at $0.2156, with its market capitalization soaring to $31 billion. Additionally, the daily trading volume for DOGE has surged to $5.82 billion.

Dogecoin (DOGE) On New Macro Uptrend

In a recent update, crypto analyst Rekt Capital observed that Dogecoin (DOGE) has broken its Macro Downtrend and entered a new Macro Uptrend phase. The analysis suggests that if DOGE manages to achieve a Monthly Close above the crucial red level of approximately $0.20, it could signify a significant milestone. This level represents a historical support zone, the reclamation of which might provide additional momentum for DOGE’s price to surge towards the $0.30+ area.

DOGE Price Rally to $1?

The recent breakout in the Dogecoin price is crucial as it sets the bulls in action to steer the next major rally to $1. For now, DOGE seems poised to approach its all-time high of $0.60 in the coming months. Moreover, several on-chain indicators have been hinting at a potential surge moving ahead.

According to Santiment data, there was a significant surge in Dogecoin transaction volume, soaring from 1.22 billion to 9.20 billion within just 48 hours. Concurrently, there was an uptick in overall activity surrounding DOGE, indicating an increase in the frequency of DOGE transfers in recent days. This surge in velocity could potentially further fuel DOGE’s ongoing rally.

Furthermore, the count of holders accumulating DOGE had expanded, signifying that the recent price surge was propelled by new participants entering the market rather than existing holders accumulating more. The uptick in interest from new addresses underscores the increasing popularity of DOGE within the cryptocurrency sector.

As we head into Q2 2024, there are several key developments scheduled ahead, with the next major event being the Bitcoin halving. This could propel the Bitcoin price to new highs thereby the broader market higher.