- Dogecoin surged 150% over the past week, reaching its November 2021 high of $0.20.
- Dogecoin’s price boosted its market cap to $425.8B, with a historic $1.5B in open interest.
In a rollercoaster of bullish activity, Dogecoin (DOGE), the leading memecoin in terms of market cap, has surged 150% over the past week and reached its November 2021 high. The rapid rise has propelled Dogecoin futures to reach a historic $1.5 billion in open interest.
In December 2023, Dogecoin (DOGE) broke free from a multi-month declining trend line, but its parabolic rally commenced at the end of February 2024. Over the last eight days, DOGE has surged by 148%, propelling its price from $0.0835 to $0.2071.
Currently, the price of Dogecoin is $0.1863, and its market cap is $425.8 billion. In the last 24 hours, the value of DOGE has soared 12%, and over the past month, it has seen a significant surge of 132%. Additionally, DOGE’s daily trading volume has risen by 65% in the previous 24 hours, reaching $8.02 billion.
Meanwhile, Shiba Inu (SHIB), the so-called “DOGE Killer,” has displayed a solid trading volume, soaring by 235% to $13.3 billion over the past 24 hours, surpassing Dogecoin’s volume in the same period. Despite Shiba Inu’s remarkable performance of $0.00003939, Dogecoin has stolen the spotlight.
Will DOGE Bulls Propel it to $0.25?
The global cryptocurrency market is being treated to bullish sentiment as Bitcoin (BTC) soared above $68,785. Further, analysts and investors are speculating about Dogecoin’s recent rally without billionaire mogul Elon Musk’s influence and are hoping it will reach $1.
On the upside, Dogecoin’s price faces immediate resistance near the $0.2151 level, with the next crucial resistance at $0.2735. A breakthrough above $0.27 could propel the price toward $0.3, followed by major resistance near $0.3143 and $0.3274.
Conversely, if DOGE fails to sustain momentum above the $0.20 mark, it might initiate a downside correction. Initial support lies near $0.1674, followed by a major support level at $0.1404. A breach below $0.14 could lead to further declines, possibly targeting the $0.1336 level.
