Regardless of massive fluctuations & competition from different canine based memcoins like Shiba Inu & Dogelon Mars, Dogecoin has held its position strong making to the top spot in the list of top meme tokens with its $19 billion market cap & more than $800 million transactions each day, as per coinmarketcap.
At the time of writing, Dogecoin Price is up by 6.12% trading at $0.1487 in the last 24hrs & in the last seven days, the currency has gained more than 23%.
Dogecoin To See A Breakout Soon!
As per data from large wallet investors, IntoTheBlock, over the last 24hrs more wallet investors have become more active. The data says there is an increase of 111% in transactions exceeding $100,000.
Large wallets accumulation for the meme coin is bullish. Whales hold over $40 million in Dogecoin as of March 26, 2022.
The Dogecoin proponents are of the opinion that there is an accumulation phase in every market cycle, as whales acquire the meme coin at a discount.
At Present for DOGE $0.13 is a pivot key and the first major resistance for the memecoin stands at $0.14. Interestingly, the altcoin has crossed both its pivot key & resistance level trading above $0.14. After this point, a broader breakout for Dogecoin price could be $0.16 and if the meme coin fails to move past the said target of $0.16, then this leads to a bearish narrative among investors.
From Ichimoku’s viewpoint, Dogecoin price trend is not that weak and added that if there is another push towards Dogecoin, then the occurrence of a bull market would confirm.
Dogecoin started its downtrend in May 2021, and the meme coin investors have waited a long period of 321 days in the bear market to see bulls taking over.
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Source: https://coinpedia.org/altcoin/doge-price-surge-above-0-16-in-next-12-hours/