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Highlights
- DOGE emerges stronger than Bitcoin on Monday, increasing by more than 4% in 24 hours.
- Dogecoin price sits on top massive support levels including $0.0811 where 312.5k addresses purchased 16.65M DOGE.
- DOGE holds above key bull market indicators such as the 20-day EMA, the 50-day EMA, and the 200-day EMA.
Dogecoin price prediction: DOGE, the leading meme coin, is showing remarkable strength on Monday, outpacing Bitcoin (BTC) and other major altcoins. While most cryptocurrencies are facing headwinds, Dogecoin has risen by 4% in a day to $0.0874, with a trading volume of $577 million and a market cap of $12.5 billion.
Dogecoin Price Prediction: DOGE Outpaces Bitcoin
Dogecoin holds above three bull market indicators backed by the 20-day Exponential Moving Average (EMA), the 50-day EMA and the 200-day EMA.
In addition to this bullish outlook is a buy signal from the Moving Average Convergence Divergence (MACD) whose position above the neutral line reinforces the bullish grip.
Should DOGE break and close the day above the hurdle highlighted by the yellow band, buy orders will surge as traders rush to capitalize on the potential run above $0.1 and subsequently to $0.15.
Failure to break above the range resistance could keep Dogecoin moving sideways with the primary support at $0.075 (grey band) holding.
Traders should also focus on buying dips. Many tokens including DOGE are quickly filling these gaps as they collect liquidity to keep moving higher.
Several factors are preparing Dogecoin for a rally in the coming weeks including the persistent increase in the number of addresses. Blockchain data from IntoTheBlock DOGE addresses with balance ticked up to 5.9 million from 5.42 million on January 1.
The meme coin’s 8% surge indicates that its adoption is rising steadily. More investors are flocking to DOGE, betting on a massive rally. If the momentum persists in the next months, Dogecoin’s price prediction of $0.15 could be too low, opening the door for a breakthrough above $1.
Over 87% of all Dogecoin holders are in profit compared to only 11% facing unrealized losses based on the IOMAP model by IntoTheBlock. The most significant support area runs from $0.0799 to $0.0825.
At least 312,500 addresses purchased 16.65 billion DOGE at an average price of $0.0811. Meanwhile, there are few and less impactful pain points on the upside, with the area between $0.09 and $0.093 standing out as the biggest stumbling block to the expected rally above $0.1.
Dogecoin price has a bullish outlook as it enjoys solid support and faces little resistance.
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