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Highlights
- A downsloping trendline is carrying the current correction trend in DOGE.
- An accumulation of several technical levels such as the 200-day EMA and 61.8% Fibonacci retracement level at $0.22 creates a high-demand zone for buyers.
- The 24-hour trading volume in Dogecoin is $2.05 Billion, indicating a 75% gain.
Dogecoin Price Prediction: DOGE, the largest meme cryptocurrency by market cap, has recently rebounded from the rebound from the combined support of $0.1225 and a 200-day EMA slope. The bullish turnaround propelled the coin value by 39% within four days to currently trade at $0.167. Moreover, the Meme coin sector recovery gained significant traction from the Bitcoin price upswing above $62000, bolstering Dogecoin buyers to break the current correction trend for a rally above $0.2.
Also Read: Crypto Price Prediction 4/5: Record Inflows into ETFs Fuel Fresh Recovery in Bitcoin
Tesla Fuels Dogecoin Surge with New Payment Adoption
The short-term trend in the Dogecoin price is bearish and can be followed through a downsloping resistance trendline in the daily chart. The dynamic resistance led the DOEG price from $0.228 to $0.12 low, registering a $47.5% loss.
However, the broader market witnessed renewed buying pressure from Bitcoin’s reversal from $56500, bolstering altcoin to form a local bottom. Thus, the DOGE price reverted with three consecutive green and reclaimed 100-day EMA slopes to reach the $0.167 mark.
The Dogecoin price surged by 15% today, likely driven by Tesla’s acceptance of this meme cryptocurrency as a payment method for select products.
If the buying momentum persists, the DOGE price could breach the overhead trendline as an early sign to project end-of-correction. The post-breakout rally could push the asset price back to $0.2 in a potential 1-2 weeks from breakout, followed by a rally to $0.228.
Also Read: Breaking: Elon Musk’s Tesla Adds Dogecoin As Payment Method, DOGE Price Rally 20%
Dogecoin Activity Skyrockets with 102% Increase in New Addresses
According to data from the cryptocurrency analytics firm IntoTheBlock, Dogecoin is experiencing a significant uptick in activity. This week, the number of new Dogecoin addresses has sharply increased. Specifically, over 28,000 new addresses were created on Thursday, marking a 102% increase from the monthly low observed on Monday.
Dogecoin activity is spiking!
The number of new Dogecoin addresses has increased sharply this week.
Over 28k new addresses were created yesterday, a 102% increase from the monthly low set on Monday pic.twitter.com/SlMLxvwWAo
— IntoTheBlock (@intotheblock) May 3, 2024
This surge in new addresses suggests growing interest and engagement with Dogecoin, potentially indicating a bullish sentiment among investors.
Technical Indicator
- Exponential Moving Average: With the recent upswing, the DOGE price reclaimed the daily EMAs (20, 50, and 100) providing buyers with additional support to prolong the recovery trend.
- Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and sign (orange) line highlights the recovery sentiment returning to Dogecoin.
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