- The year-to-date returns have exceeded 80% in Dogecoin crypto.
- The current price is making retracement on the $0.1365 bullish point of interest (POI).
- The trading volume has reached $3.34 billion in the last 24 hours.
Dogecoin (DOGE) is a meme-based coin featuring a popular doge internet meme with a Shiba Inu logo. The open-source digital currency was created as a light-hearted, fun cryptocurrency. Even the Tesla CEO couldn’t hold his love for Dogecoin. He posted several tweets on social media about his favorite coin. The meme coin has been used to reward the creation or sharing of quality content on Reddit and Twitter. Dogecoin is available in various popular exchanges and is accepted by many known companies.
Dogecoin Delivered Over 170% Positive Returns During the Six-month Session
DOGE coin price experienced massive entries of cruisers and traders in February 2024 after the bullish correction period that occurred in January 2024. The scenario shifted the market sentiments into bullishness in terms of technical analysis. The change in sentiments also impacted March 2024, resulting in over 85% positive returns.
Conversely, a sharp selling from the $0.2297 supply zone has been observed in the dogecoin price. The opposing rally resulted in an almost 30% decline in the price to date. The current month is going through a bullish correction phase, after which new possibilities for price surges may happen.
Dogecoin has an uncapped maximum supply of tokens, with over 143 billion DOGE tokens in current circulation. The current market capitalization of the meme coin stands at $23.49 billion. The cryptocurrency is reflecting higher liquidity with a 24-hour trading of over $3.25 billion.
Price to Volume and Social Dominance Analysis
The social buzz of Dogecoin crypto covered almost 3.6% dominance in the entire crypto network in early March 2024. This positively impacted the trading volume as well as the price, which also had a massive rise. The social sentiments about the meme coin reflect a positive hike in current sessions.
Technical Analysis of the Dogecoin (DOGE) Price
The short-term outlook lies above the key exponential moving averages on the bullish side. The current price is retracing on the 50-day EMA, and the 200-day EMA remains untouched for significant support.
DOGE crypto price has given a breakout from the $0.2068 resistance level. Afterward, the price reached the $0.2297 level and is making a bullish retracement on the $0.1365 POI. If the price closes above the $0.2068 supply level, it may break above the $0.2297 resistance. Or, a shortfall in price can be expected below $0.1208.
The relative strength index (RSI) reflects an internal bearish divergence in the price momentum, indicating increasing selling pressure. The RSI is moving at 44.61 below the signal line.
Summary
Dogecoin has been performing with bullish sentiments since November 2023. The cryptocurrency secured over 170% of positive returns during the six-month sessions. The current price is trading at $0.1618. If the DOGE coin price closes above the $0.2068 supply level, it may break above the $0.2297 resistance. Or, a shortfall in price can be expected below $0.1208.
Technical Levels
- Resistance Levels: $0.2068 and $0.2518
- Support Levels: $0.1208 and $0.1080
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.