According to the cryptocurrency market monitoring website CoinMarketCap, the price of Dogecoin (DOGE) has increased by 3.67% over the last twenty-four hours. As a result, the value of one meme coin is now $0.07799 at the time of this writing.
Traders seize DOGE opportunity
The price of DOGE has been within a rather narrow range over the previous several months. But, for traders who saw the chance, the recent sweep of the range bottom constituted a buy signal, which assisted them in recouping losses sustained in previous transactions. Now, the meme coin is winding up in preparation for continuing its trend and moving higher.
The price of the alternative cryptocurrency has been relatively stable over the last four months, fluctuating between a high of $0.0946 (the climax for buyers) and an average of $0.0705 (the climax for sellers). Nonetheless, the price of the coin did go below this range early in March, but it rebounded well enough to rise over the lower limit of the spectrum the next week.
It is possible that a prolonged optimistic narrative for the leader of the cryptocurrency market, Bitcoin (BTC), will drive the surge in the price of Dogecoin, which will retest the purchasing climax of $0.0946. It will account for 23% of all DOGE holders if this does place.
In an exceptionally optimistic situation, the price of DOGE might seek to extend its advance and hit the $0.106 barrier. This would be a very bullish scenario. Because of this, the meme coin would increase in value by forty percent.
Dogecoin bulls hail increase
The DOGE market doubled from March 1st to March 8th, as the number of new addresses entering the Dogecoin network went from 15,000 to 30,000. Nevertheless, this figure is now closer to 16,000. Yet, the number of Dogecoin addresses has grown, lending credence to the optimistic view.
Even if the price of DOGE is trending upward, the bullish thesis will be rendered null and void should the price fall below the selling climax around $0.0705.