Dogecoin price recorded 43.4% extended gains over the last 24 hours and is now trading at $0.4050. This increase follows Bitcoin’s aggressive surge to a new all-time high of $89,561. Moreover, the price rise has resulted in a breakout of a 3-year resistance level, which could catapult DOGE’s price back to its previous all-time high and higher, potentially to $1.8.
Dogecoin Price Soars Amid Bitcoin Price Explosion
Following BTC’s price surge, Dogecoin now sits at a $53 billion market cap, just below BNB (BNB). This is the highest DOGE price in the last 3 years and is just about 2X away from reaching its previous all-time high. The next leg up from here could see the dog-themed meme coin displace BNB and Solana (SOL) and be the fourth-largest crypto asset by market cap.
DOGE is the best performer among the top 10 crypto assets (excluding stablecoins). It has gained 252% in the last 30 days, followed by Cardano (ADA) at 66%. XRP (XRP) was the worst-performing asset in the top 10 in the last month, gaining only 12%.
Dogecoin Eyes Additional Gains Back To ATH
After breaching the $0.35 resistance, Dogecoin’s price has little obstacle ahead. The path to the previous all-time high is clear, and on-chain metrics support an extended move higher. Coinglass data shows over $320 million worth of Longs compared to only $20 million Shorts across Binance, OKX, and Bybit. This imbalance suggests bullish sentiment dominates the market, and Dogecoin may surge higher.
IntoTheBlock data indicates that 95.25% of Dogecoin investors are in profit, with only 0.02% in loss and 4.73% at the money. This figure could quickly change as the Dogecoin 24-hour trading volume has increased by 26% per Coingecko data, suggesting that investors are still buying into the project.
Dogecoin Eyes New All-Time High At $1.8
Based on the current volatility in Dogecoin price action, market observers project that DOGE could surge above $1 by the end of the year. The DOGE chart shows a strong upward breakout from a prolonged accumulation phase, pushing above the major resistance levels around $0.23 and $0.35. The next major resistance is around $0.7605, a level that DOGE last reached during its peak in 2021.
Dogecoin price forecast shows the asset might be entering an impulsive wave, potentially targeting higher resistance levels in the next bullish wave. If this rally sustains, it could push toward $0.76 as the final target within this wave.
Frequently Asked Questions (FAQs)
Dogecoin surged 27.9% after breaking a 3-year resistance level, following Bitcoin’s new all-time high of $89,561.
Yes, Dogecoin is just 2X away from its previous all-time high. The current breakout suggests it could target $1.8 in the next rally.
Market data shows strong bullish sentiment, with $320 million in Longs vs. $20 million in Shorts across major exchanges.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-dogecoin-price-soar-to-1-8-after-clearing-a-3-year-resistance/
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