- DOGE crypto price has reflected an almost 35% upsurge from the $0.12 demand zone.
- Dogecoin price is performing in a descending triangle pattern, getting close to the breakout/breakdown.
- The crypto has recorded over 13% rise in price during the weekly trading session.
Dogecoin (DOGE) is an open-source digital currency based on a “Doge” internet meme featuring Shiba Inu in the logo. Crypto is created as a fun, light-hearted digital asset that would have greater appeal beyond the core Bitcoin audience. Famous personalities like Elon Musk have also posted several tweets about this meme coin phenomenon.
In March 2024, the DOGE crypto price experienced a tremendous amount of growth, resulting in an 88.14% uprise. However, the crypto faced random profit booking in the next month, which caused a decline of 39.60% in value. In the present month, the decision is still being made. Where will the price go?
Dogecoin May 2024 Performance, Supply Changes, & Valuation
The current market capitalization has a slight increase of 0.76% during the intraday trading session. The meme coin ranks under the top 10 most dominant cryptocurrencies in the world in terms of market cap. Dogecoin outperforms the global cryptocurrency market by 9% compared to the last 7-day increments.
The maximum supply of tokens for the Dogecoin crypto is uncapped, meaning no mining limits were set. The current market cap stands at $21.25 Billion, which is a massive success for a meme coin. The 24-hour volume has reached $1.12 Billion with an increment of 7.32%, reflecting higher liquidity at the moment.
Price-to-Volume & Social Dominance Analysis
After March 26, 2024, the Dogecoin crypto social buzz covered almost 3.9% dominance worldwide. During that time, the volume and price closely followed the social upsurge, reflecting the impact of social sentiments.
Since then, the sentiments have been fading away along with the volume and price. At present, DOGE crypto covers 1.38% dominance.
Technical Analysis of the Dogecoin (DOGE/USD)
The current price slipped between the key exponential moving averages, reflecting uncertainty in the trend. Rebounding the 50-day EMA can lead to the continuation of the short-term bullish trend.
DOGE price faced strong resistance from the $0.22 level. The current price is performing under a descending triangle pattern. The buyers have made their entries from the $0.12 demand zone, which can lead to a breakout of that pattern. However, the price can fall further if the closing below the $0.11 support happens.
The relative strength index (RSI) oscillates with strong bullish momentum in the current phase. The RSI at 46.01 and the SMA line at 43.02 had a golden crossover, a shift in bullish strength.
Summary
Since April 2024, Dogecoin crypto has been witnessing an opposing rally. The meme coin price is performing in a descending triangle pattern. Some bullish reactions have been observed in the $0.12 demand zone, which may lead the crypto price to a bullish trend continuation.
Technical Levels
The immediate short-term support level for DOGE at the time of writing was $0.11, while the $0.20 is the next resistance.
A price rise can be expected if the Dogecoin price can surpass the upper resistance level. However, a drop below the aforementioned support level can lead the price pullback to the lower support levels.
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.