Dogecoin (DOGE) has emerged as the standout among meme coins following the conclusion of Q1’s meme frenzy, showing an increase in value over the past month.
According to insights from IntoTheBlock, an on-chain data provider, Dogecoin has experienced a rally of 4.43% in the last 30 days.
In contrast, meme coins like Pepe (PEPE) and Shiba Inu (SHIB) have seen declines, with decreases of 33% and 25.28%, respectively.
In the latest trading session, Dogecoin is valued at $0.16, marking a 4.77% increase over the past 24 hours.
Coinmarketcap data indicates that this upsurge aligns with the broader crypto market, which has witnessed a 1.93% increase in market capitalization.
However, a closer look at Dogecoin’s daily chart reveals a bearish trend in its technical analysis, with the MACD persistently below the signal line.
Moreover, the negative directional index (red) has remained above the positive (green) since April 12, signaling current market control by sellers. These indicators suggest the possibility of further declines.
Dogecoin is currently experiencing a resurgence, with efforts to establish $0.20 as its new support level.
Despite fluctuations that briefly brought its value down to approximately $0.12, DOGE has bounced back, consistently testing and maintaining positions above a previous long-term resistance level.
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Crypto analyst Rekt Capital underscores this pattern as indicative of a positive trend.
Rekt Capital asserts, “Dogecoin is now in the process of retesting this ~$0.20 level as new support.
It could get volatile around here, but lose sight of this important technical step.
Dogecoin is retesting this area to position itself for further future upside.”
These developments suggest the likelihood of Dogecoin ending April above the $0.20 mark, solidifying its position within this new range.
However, failure to reach this target by month-end could result in the cryptocurrency oscillating between $0.12 and $0.20 until it gathers momentum for another ascent.
According to Coincodex, current sentiment surrounding Dogecoin is predominantly bullish, with the majority of technical indicators signaling growth.
Among these indicators, 21 are bullish, while seven are bearish.
Furthermore, projections for 2025 hint at a potential price range for Dogecoin between $0.129366 and $0.650073, suggesting a potential increase of 304.18% from its current value.
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