Dogecoin Up 79% In A Month, Nears $0.20 With 'Beautiful Bounce From Key Levels,' Analysts Say

Khyathi Dalal

November 07, 2024

Dogecoin (CRYPTO: DOGE) is up 79% over the past 30 days, with analysts predicting its uptrend to continue for the foreseeable future.

What Happened: Crypto analyst Ali Martinez highlighted Dogecoin consolidating within a descending triangle pattern and forecasts the meme coin to climb to $0.22 if it can break the $0.198 resistance level.

On the lower time frames, #Dogecoin $DOGE is consolidating within a descending triangle. Breaking above the $0.198 resistance could spark a 10% move up to $0.220! pic.twitter.com/jnQz3GyhLY
— Ali (@ali_charts) November 7, 2024

Trader CrediBULL Crypto echoed this sentiment and sees a "beautiful bounce” that should take the meme coin to $0.22 soon.

Trader Tardigrade added that Dogecoin's bull run appears confirmed by a chart pattern that signals an exit from consolidation and the start of a bullish rally.

Also Read: Dogecoin Surges 9%, Could Be Primed For A ‘Wild Ride,’ Veteran Analyst Says

Statistics: Data from IntoTheBlock shows a 125% increase in large transactions and a 29% rise in daily active addresses. Transactions over $100,000 more than doubled from 945 to 2,183 in one day, while exchange netflows dropped by 105.6%.

Coinglass data shows Dogecoin's total liquidations spiking to $56.3 million on Nov.6, the highest level in more than a year. Open interest reached $1.6 billion on Nov. 7, the highest level since April.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

Which Musk Company Will Propel Dogecoin’s Future — X, Tesla, SpaceX Or The Boring Company?

Image: Shutterstock

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