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DogecoinDOGE/USD is approaching a key resistance level of $0.18, with oneanalyst forecasting bullish momentum to $1 in a month.
What Happened: Dogecoin is up 1.5%over the last 24 hours, pushing its monthly gains to 115%.
While lagging the gains ofShiba Inu SHIB/USD (+261%), Floki Inu FLOKI/USD (+780%) andDogwifhat WIF/USD (+580%), Dogecoin is showing positive momentum.
A heavily followed Dogecoin channelsuggests that if the meme coin manages to close above $0.18 it will complete Wave 5, which could signal a significant bullish move towards $0.25.
Crypto chart analyst Ali Martinez has predicted a bullish trajectory for Dogecoin, comparing its current chart patterns to historical trends. Martinez sees similarities between the current patterns and those seen in 2019-2021 and 2015-2017, both of which led to significant price spikes for Dogecoin.
Also Read: Dogecoin Wallet Dormant For 10 Years Makes A Surprising Move What's Going On? If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here's how much you'd have today.
Why It Matters: Data from IntoTheBlock shows a high price correlation between Dogecoin and Bitcoin, with a correlation coefficient of 0.98. This suggests that as Bitcoin experiences bullish momentum, Dogecoin is likely to follow suit. With Bitcoin's price rallying towards $72,000 and anticipation of a bull run due to the Halving event, Dogecoin could see new highs.
Recent data indicates a higher total exchange inflow of $234.7million, compared to outflows of $186.2million in the past seven days. This suggests growing interest from traders and investors, which could drive further bullish momentum for Dogecoin.
BitInfoChartsdatashows that wallets holding between 1 million to 10 million DOGE each account for a total of 10.13 billion DOGE as of March 9, 2024, compared to 9.6 billion a year ago.
Despite no recent tweets from Elon Musk promoting Dogecoin, the meme coin continues to perform well. This resilience is seen as a positive sign for Dogecoin's future, as it indicates strong community support and market confidence.
Read Next: How Dogecoin, Shiba Inu Plan To Fight Off The Challenge Of Bonk, Dogwifhat
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