After being caught in a falling trend since the beginning of December 2024, the price of Dogecoin (Doge) approached a possible soil. In preparation for a long -awaited parabolic rally for price discovery, leading memecoin with dog theme, which is supported by technology billionaire Elon Musk, is recovered from a crucial support level of around $ 0.143 in the past two days.
In the last 24 hours, Doge Price gathered around 8 percent to trade around $ 0.1722 on Wednesday 12 March during the early New York session. As a result, the large Cap Altcoin, with a completely diluted appreciation of around $ 25 billion and an average trade volume of 24 hours of around $ 2.1 billion, could follow the Bitcoin (BTC) price in an expected bullish recovery ahead.
Dogecoin price insights
From the point of view of technical analysis, the Dogecoin price has recently returned from a crucial support level of approximately $ 0.14, which coincided with the weekly 0.786 Fibonacci racement.
The TopMemecoin is higher highlights and higher lows in the past year, which indicates a potential soil for the ongoing market -wide correction.
As a result, a consistent close to the support/resistance level of approximately 20 cents will yield an important rally to all time. However, a consistent closure of less than $ 0.14 in the coming weeks will be further downward risks.
Most important factors that stimulate the Outlook from Doge Doge
The Dogecoin Network, which is secured via the legendary consensus method for proof-of-work (POW), has hired more than 6.1 million holders on the chain from this letter. The non -repellent support of Musk and his family of Unicorns has contributed to increasing the mainstream adoption of Dogecoin as a way of payment by global traders.
The increasing demand for memecoins has attracted institutional investors to Dogecoin, as evidenced by submitting spot doge ETFS in the US due to grayscale and bitwijs. Meanwhile, information about chains from Intotheblock Show that the number of large transaction volumes on the Dogecoin network has experienced a sharp increase in recent months.
According to data on Santiment chains, Dogecoin-Walvissen have bought more than 1.4 billion coins in the past two days to currently have around 24.6 billion coins.
