Dogecoin Price Rallies To 4-Month Highs – Can Bulls Take It Above $0.3?
December 03 2023 - 3:30PM
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The growth of Dogecoin has lagged this year, but the meme coin
recently went on a rally in the last week, hitting four-month
highs. The question that still has to be answered is whether or not
the cryptocurrency can maintain its momentum and continue to rocket
forward. DOGE started as a meme token but has grown to become
an outlier among cryptocurrencies in the past few years. Despite
posting a double-digit percent rise in price, the crypto saw itself
lagging behind during the late October and early November gains
when the majority of cryptocurrencies recovered from the long
bearish market of the first half of the year. Related
Reading: Top 5 Cryptos Set For A Price Explosion This December –
ADA, TIA, RUNE, LUNC, BTC Dogecoin Price Rallies To 4-Month Highs
After reaching its monthly low of $0.0565 in October, Doge
experienced a gain of 21%, and then it experienced a gain of 22% in
November, resulting in the formation of two consecutive monthly
green candles for the first time since October 2022. The crypto has
continued on this trajectory, and its price has increased by 9.1%
in the past seven days, one of the best gains among top
cryptocurrencies. This recent price gain saw DOGE reach $0.08715,
its highest level since April 2023. DOGE trading volume on
various exchanges is up by 30.7% in the past 24 hours. At the same
time, exchange data from IntoTheBlock’s Order Books metrics reveal
an interesting current overview of the power struggle between bulls
and bears. According to the trading books 14 crypto exchanges
tracked by IntoTheBlock, the bulls look to have the upper edge at
the moment. DOGE market cap currently at $12.07 billion on
the daily chart: TradingView.com At the time of writing, buyers
have placed buy orders of 901.7 million DOGE at an average price of
$0.085112. Meanwhile, sellers have only put up 848.13 million DOGE
for sale at an average price of $0.085137. This interesting dynamic
indicates that there are considerably more buyers than sellers,
which could create scarcity and continue to drive the price up.
Related Reading: Ethereum ATH: Exploring The Possibility Of Ether’s
New Peaks In 2024 Can Bulls Take DOGE Above $0.3? In
light of the price surge and some on-chain metrics, data suggests
that the crypto might be on its way to a sustained price increase.
DOGE immediately bounced off what seems like a resistance at the
$0.08715 level and is currently trading at $0.08515. Although DOGE
is up by 21% since the beginning of the year, it is 13% down from
December 3, 2022. DOGE went on a spectacular 525% run the
last time it closed two consecutive monthly green candles. If
history repeats itself, the crypto could shoot past $0.55 in the
coming months. The first step would be to move back up and maintain
a strong break above the resistance at $0.087 on the convergence of
the 0.786 Fibonacci level and the 100-week and 200-week Moving
Averages. Then, the next resistance to watch would be the yearly
high of $0.096 in April. Featured image from Shutterstock
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