{"id":575986,"date":"2024-02-20T23:00:23","date_gmt":"2024-02-20T23:00:23","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=575986"},"modified":"2024-02-20T12:21:55","modified_gmt":"2024-02-20T12:21:55","slug":"dogecoin-rally-to-0-2","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/dogecoin\/dogecoin-rally-to-0-2\/","title":{"rendered":"Dogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2?"},"content":{"rendered":"

The Dogecoin <\/span>price action<\/span><\/a> in the past few days is showing signs of the crypto <\/span>embarking on a bullish recovery<\/span><\/a>. Particularly, DOGE has seen a strong uptick in trading volume in the last few days, fueled by an increase in activity from whale addresses.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

DOGE Recent Metrics Indicate Recovery Trend<\/h2>\n

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, <\/span>DOGE technicals<\/span><\/a>, transaction count, and <\/span>price action<\/span><\/a> pointed to a <\/span>change in momentum<\/span><\/a> and sentiment amongst traders.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Reveals Why Shiba Inu Price Will Not Reach $1<\/a><\/div>\n

According to metrics from the on-chain analytics platform <\/span>IntoTheBlock<\/span><\/a>, 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.<\/span><\/p>\n

\"Dogecoin\"<\/p>\n

Source: IntoTheBlock<\/pre>\n
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.\u00a0<\/span><\/p>\n
According to <\/span>Dogecoin whale data<\/span><\/a>, 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.<\/span><\/p>\n
DOGE Price Action – Rally To $0.2?<\/h2>\n
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.\u00a0<\/span><\/p>\n
Related Reading: Bitcoin Spot ETFs: Issuers Set New Record As Weekly Inflows Cross $2.2 Billion<\/a><\/div>\n
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 <\/span>breaking past above $0.1<\/span><\/a> for the first time in three months.\u00a0<\/span><\/p>\n
This breakthrough over $0.11 could mark an important milestone for Dogecoin\u2019s price trajectory, as the next target would be $0.2.\u00a0<\/span><\/p>\n
\"Dogecoin<\/p>\n
DOGE price at $0.087 | Source: DOGEUSD on Tradingview.com<\/a><\/pre>\n
Featured image from CoinGape, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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.\u00a0 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.\u00a0\u00a0 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.\u00a0 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.\u00a0 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.\u00a0 This breakthrough over $0.11 could mark an important milestone for Dogecoin\u2019s price trajectory, as the next target would be $0.2.\u00a0 DOGE price at $0.087 | Source: DOGEUSD on Tradingview.com Featured image from CoinGape, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":576012,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[1785,89174,85675,7,1803,1804,89722,79599,79600],"class_list":["post-575986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge","tag-doge-news","tag-doge-price","tag-dogecoin","tag-dogecoin-news","tag-dogecoin-price","tag-dogecoin-price-prediction","tag-dogeusd","tag-dogeusdt"],"acf":[],"yoast_head":"\nDogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2?<\/title>\n<meta name=\"description\" content=\"The Dogecoin price action in the past few days is showing signs of the crypto embarking on a bullish recovery.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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