Dogecoin does especially at a rally as evidenced by crypto market figures. The cryptocurrency has experienced a significant market rise amid broader consolidation, with its price rising 7.46% over the past seven days.
Although DOGE’s price was recently pushed back down today by a level of resistance near $0.087, it has since risen back to $0.082. At the time of writing, DOGE is trading at $0.084, up 2.4% from this support level. This indicates that the bulls are not ready to give up the buying momentum yet.
According to a recent post by crypto analyst Rekt Capital on social media, DOGE has finally confirmed a breakout from the descending channel pattern. On-chain signals also point to a huge increase in interest rates and trading volume, suggesting that DOGE could head higher soon.
$DOGE has confirmed an outbreak from its channel#DOGE #Crypto #Dogecoin pic.twitter.com/SvmtG65FZa
— Rekt Capital (@rektcapital) November 17, 2023
Statistics signal an impending outbreak
The current state of the cryptocurrency market appears to be one of general consolidation when viewed through the lens of the price action of the many different cryptocurrencies tracked by Coinmarketcap.
Crypto market caps appear to be running out after a four-week consecutive rally. However, The market value of Dogecoin has increased over the past week, bucking the trend of most other cryptocurrencies in the top 10 by market size, which have all seen a decline in their market capitalization over the past week.
Source: IntoTheBlock
Dogecoin has finally broken out of its narrow trading range on the weekly candlestick chart and is up over 45% in the past month. Several catalysts have contributed to this impending outbreak, one of which is increased trading activity. Another catalyst is the announcement of Astrobotic’s plan send a physical Dogecoin token to the moon in December.
Whale movements have also largely contributed to this. According to on-chain data from crypto analytics platform Santiment, the cumulative balance of wallets increased by 10 million to 1 billion DOGE from 44.63 billion DOGE tokens on November 1 to a cumulative balance of 47.38 billion DOGE tokens on November 17 . As a result, these large holders have increased their holdings by 2.75 billion DOGE, which is worth approximately $231 million at the crypto’s current price.
Source: IntoTheBlock
How high can the Dogecoin price go?
The technical indicators for Dogecoin are looking quite bullish at the moment. The short 10-day moving average has been steadily rising above the longer 21-day moving average since a bullish cross on October 23 last month, indicating that the bulls still have major control over the market. Continued bullish momentum could see the crypto break through several price resistances, the first of which is the $0.87 level.
Doge is trading at $0.08440 at the time of writing. The next hurdle is to break above $0.09 and then head towards $0.1. According to IntoTheBlock’s Global In/Out Of The Money metric, approximately 1.58 million addresses are still waiting for DOGE to rise above their minimum purchase price of $0.858 before making a profit.
DOGE price drops to $0.082 | Source: DOGEUSD on Tradingview.com
Featured image from Analytics Insight, chart from Tradingview.com
