Bitcoin has seen a noticeable price increase, which was mirrored by many other cryptocurrencies, and Dogecoin (DOGE) also benefited from this trend. The price increase of the meme coin mirrored a pattern seen during the last bull rally, potentially indicating a larger uptrend.
Is Dogecoin on the Rise?
Recently, Dogecoin‘s price was consolidating, leading to sideways movement in the meme coin’s value. Such periods are generally followed by days of high volatility, which seems to be confirmed by the coin’s recent value increase.
According to data from CoinMarketCap, DOGE experienced an increase of over 5.5% in the last 24 hours alone. At the time of writing, DOGE had a market value of over 14 billion dollars and was trading at $0.0968. This valuation placed the meme coin in the top 10 cryptocurrencies by market cap.
Comparing past data, DOGE’s price movements suggest that it may host a larger bull rally similar to the last cycle.
Leading market analyst Ali Martinez pointed out on February 26 that DOGE’s price movements were similar to those seen in past bull cycles. If the trend continues, investors might witness a parabolic breakout in April.
Investor Expectations for DOGE
Analysis of data provided by Santiment shows that alongside the uptrend in price, there was also an increase in DOGE’s social volume. A past increase in Dogecoin’s weighted sentiment graph positively affected market sentiment.
To understand the continuity of the potential bull cycle, examining DOGE’s daily chart can be useful. During this period, DOGE’s MACD indicated an uptrend.
Additionally, the Relative Strength Index (RSI) also reflected an uptrend, which could suggest a continuation of upward price movement.
The meme coin appears to be facing strong resistance at the $0.097 level, and although it tested this level today without maintaining it, a breakout above could enable DOGE to reach new highs in the coming days.
Beyond the aforementioned analysis and price indicators, the network activity of the cryptocurrency also maintained its current level. Data from Santiment showed that DOGE’s daily active addresses remained high throughout the week, which could be interpreted positively for the future of the cryptocurrency.
