web3.0Dogecoin\'s (DOGE) Rally Continues, Prompts Traders to Predict a Full Breakout in the Upcoming Weeks
Dogecoin's DOGE/USD continued rally, backed by improving key metrics, prompted traders to predict a full breakout in the upcoming weeks.
Dogecoin price rose 0.76% over the past 24 hours to $0.124 by 05:43 ET (09:43 GMT) on Monday, surging 13.96% over the past 7 days.
What Happened: DOGE/USD saw a渤static session on Monday morning, as traders appeared to be awaiting further cues to continue pushing the meme token higher.
On the upside, resistance stood at $0.13, followed by the recent high of $0.133, and finally the psychological整数 of $0.14.
On the downside, support was seen at the recent low of $0.11, followed by the 200-day moving average of $0.104, and finally the 100-day moving average of $0.09.
Dogecoin Surges 14% in 7 Days, Key Metrics Point to Breakout: Crypto Trader
Crypto trader Rickus analyzed Dogecoin’s chart, noting that the trend angle is steeper than in earlier cycles. He believes that DOGE will break out five to six weeks from now and retest its resistance afterwards, as it has done in previous cycles.
Another crypto trader expects an upcoming “post-halving” rally.
Why It Matters: IntoTheBlock data showed large transaction volume increasing by 37.5% and daily active addresses growing by 2.3%.
Also, transactions greater than $100,000 increased from 225 transactions on July 15 to 346 transactions on July 16.
Addresses holding Dogecoin surged to 90 million, reflecting rising interest in Dogecoin and its adoption among traders. This also includes wallet addresses that have ever held DOGE tokens and still retain the meme coin.
Dogecoin is up 14% over the past seven days, trading around $0.125.
The meme token is scheduled to expire on Deribit at the following times:
08:00 ET (12:00 GMT) Monday
08:00 ET (12:00 GMT) Tuesday
09:00 ET (13:00 GMT) Wednesday
10:00 ET (14:00 GMT) Thursday
11:00 ET (15:00 GMT) Friday
The influence of meme coins and Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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