Dogecoin Price Analysis With 2024 Bull Run Lingering: Here’s What Could Stop Rally To $1

The meme coin frenzy has cooled down significantly but that does not mean altcoins like Dogecoin have lost their charm to rally and hit new levels, especially with a bull run looming in 2024. Based on the Dogecoin price analysis, the movement in the last 24 hours reflected the overall bullish outlook in the market, which saw Bitcoin top $72,000 and Ethereum close in on $4,000. Should bulls reinforce their grip, DOGE could tag $0.15 this week ahead of a potential upswing toward the $1 milestone.

This price rise has brought Dogecoin’s market cap to $24.16 billion, positioning it as the 8th largest cryptocurrency by market capitalization.

The 24-hour trading volume for Dogecoin has also experienced a substantial boost, with a 36.76% increase, amounting to $2.83 billion. This heightened trading activity suggests a renewed interest in cryptocurrency among investors.

DOGE Price Analysis: Will the Bullish Trend Sustain? 

Over the past week, DOGE has been trading in an ascending trend, gaining more than 11%. Additionally, over the past month, Dogecoin has shown a slight surge of 3%, with slight fluctuations in the price reflecting broader market movements. 

Other meme coins, including Pepe, which jumped over 24%, have also experienced notable price increases. The rise in Dogecoin’s price signals growing investor confidence in its potential for further gains. 

Additionally, the surge in Open Interest and the substantial increase in trading volume over the past day highlight the growing market activity and investor interest. This market movement underscores the dynamics currently shaping the cryptocurrency landscape, especially for meme coins.

Technical Indicators and Market Sentiment For DOGE

If the meme-coin surpasses $0.17, it could face its next significant resistance at $0.3, breaking a long-standing trading pattern. Sustaining above this critical level might pave the way for DOGE to target a more ambitious resistance at $0.5 and subsequently $1.

On the other side, if the DOGE price falls below $0.16, it could retract to the descending support trendline at $0.14. A bearish market sentiment could further pressure Dogecoin, leading to a decline toward a lower support level of $0.13. 

The technical indicators for the meme coin present a mixed picture. The Relative Strength Index (RSI) stands at 55, indicating that Dogecoin is currently in a neutral zone, neither overbought nor oversold. 

On the other hand, the Average Directional Index (ADX) is at 18.23, reflecting a weak trend strength. The Moving Average Convergence Divergence (MACD) indicator, with the MACD line at 0.00288 and the signal line at 0.00216, suggests a potential shift in market momentum.