Dogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2?
20 Fevereiro 2024 - 8:00PM
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The Dogecoin price action in the past few days is showing signs of
the crypto embarking on a bullish recovery. Particularly, DOGE has
seen a strong uptick in trading volume in the last few days, fueled
by an increase in activity from whale addresses. At the time
of writing, DOGE spiked by over 6% in the past 24 hours to break
over $0.09 for a brief moment. This spike in DOGE came despite the
price of Bitcoin showcasing a weakening of bullish momentum at
$52,000 and most cryptocurrencies sparking corrections, indicating
a lingering bullish momentum among DOGE traders. DOGE Recent
Metrics Indicate Recovery Trend Dogecoin mostly went through a
lackluster price action throughout January, with the cryptocurrency
ending the month at $0.07973, a negative 13% from its open price on
January 1. The $0.079 price level acted as a major support, as DOGE
started to rebound in early February after the formation of a
double bottom. Consequently, DOGE technicals, transaction count,
and price action pointed to a change in momentum and sentiment
amongst traders. Related Reading: Crypto Analyst
Reveals Why Shiba Inu Price Will Not Reach $1 According to metrics
from the on-chain analytics platform IntoTheBlock, the Dogecoin
ecosystem has witnessed a lot of activity in the past month,
processing more than 1 million transactions every day since the
30th of January. This increase in activity seems to have been
reflected in the price of Dogecoin, with the cryptocurrency up by
11% since the beginning of February. Source: IntoTheBlock At the
time of writing, DOGE’s trading volume from Coinmarketcap is
approximately $824 million, an increase of over 129% in the past 24
hours. The majority of the recent increase in activity can be
attributed to whales of large investors. According to
Dogecoin whale data, whale transactions greater than $100,000 now
stand at $2.53 billion in the past seven days. Notably, this
transaction count from large investors reached 1,570 in the past 24
hours with a total volume of 15.88 billion DOGE. This huge surge of
activity seems to be providing the cryptocurrency with a big boost,
fueling an impressive recovery that could see it crossing the $0.1
threshold once more and possibly reaching the $0.2 price level.
DOGE Price Action – Rally To $0.2? Dogecoin has started showing
signs of life again, fueled in large part by whale activity. The
crypto recently surged to $0.09115 in the past 24 hours. Although
still up by 1% in the same timeframe, DOGE has since corrected by
4.5% and is currently trading at $0.08702. Related Reading:
Bitcoin Spot ETFs: Issuers Set New Record As Weekly Inflows Cross
$2.2 Billion A minor support is at the $0.08693 price level, with
metrics and general market sentiment pointing to continued bullish
price action in the short time. The first price level would be the
return to $0.09. If Dogecoin manages to maintain a stronghold above
this key milestone, it is expected to create a more bullish
momentum among traders which could see it breaking past above $0.1
for the first time in three months. This breakthrough over
$0.11 could mark an important milestone for Dogecoin’s price
trajectory, as the next target would be $0.2. DOGE price at
$0.087 | Source: DOGEUSD on Tradingview.com Featured image from
CoinGape, chart from Tradingview.com
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