Numerous cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), have been methodically exploring and challenging new resistance levels during the ongoing market rally.
In contrast, Dogecoin (DOGE) has displayed a remarkable and nearly uninterrupted upward trajectory in previous days. In recent days, DOGE’s on-chain transactions experienced notable growth, soaring by $665 million in transaction volume, its highest level in 3 months.
Additionally, there is also a notable amount of DOGE long-openings as investors bet on prices rising, as reported by blockchain and cryptocurrency behavior analysis platform Santiment in an X post on November 17.
Dogecoin experienced its highest trading volume in 3 months. Source: Santiment
The platform also highlights that DOGE shows breakout potential as its on-chain transactions spiked, fueled by an increased funding rate on Binance.
Will DOGE hit $0.1?
At the time of press, DOGE is trading at levels set at $0.09, which represents a 10.22% positive increase in the 24-hour period, which has followed a 17.40% increase over the 7-day period, coupled with impressive gains in the value of 47.11% in the previous 30-day span.
DOGE 24-hour price chart. Source: Finbold
This value increase comes from solid indicators in the same period, where it has had 20 green days in the previous 30 days and is trading above the 200-day moving average simultaneously.
However, it is essential to note that it is being outperformed by 59% of the top 100 crypto assets over a span of a year and is still down -88% from its all-time high.
Despite these, the current trend shows promising signals regarding reaching the $0.10 milestone, which would mean a return to value it hasn’t experienced in almost a year.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
