Dogecoin [DOGE] maintains its uptrend – Is a $0.1 value feasible?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- DOGE chalked a rising channel.
- The Funding Rate was positive as monthly holders’ saw gains.
Dogecoin [DOGE] enjoyed a double boost in the past few days and wasn’t showing signs of slowing down, at press time. Elon Musk’s Twitter payment ecosystem plan, with a likely integration of cryptos, led to an uptick in its social volume, which boosted its rally.
Read Dogecoin [DOGE] Price Prediction 2023-24
In addition, the BTC rally in January and shortly after the FOMC announcement on February 1 further energized its uptrend momentum. At press time, the meme coin traded at $0.09507 and could aim at a $0.1 value in the next few hours.
Is a $0.1 value achievable?
DOGE’s price action chalked out a rising channel pattern in the past few days, depicting the meme coin’s uptrend momentum in the same period.
How much are 1,10,100 DOGEs worth today?
A Fibonacci retracement tool was placed at the highest and lowest price point in the past week to evaluate potential resistance and support levels. DOGE bulls launched a price recovery after finding steady support at the 26-period EMA and the 61.8% Fib level of $0.09398.
In the next few hours, DOGE bulls could target the upper boundary of the rising channel – a $0.1 zone. However, they must clear the hurdles at the 76.8% Fib level of $0.09655 and the bearish order block at $0.09885.
A drop below the 26-EMA period of $0.09372 would invalidate the above bullish bias. The downtrend could settle at 50% or 38.2% Fib levels of support.
DOGE’s Funding Rate was positive, and monthly holders’ saw profits
As per Santiment data, DOGE’s Funding Rate in the Binance exchange has been positive since the end of last month. It indicates that the meme coin’s demand in the derivatives market increased in the same period, underlying a bullish sentiment.
At press time, DOGE’s weighted sentiment was positive, further reinforcing the bullish sentiment. The trend could further boost its upward momentum.
Therefore, the price surge has seen holders, particularly monthly holders, record massive gains in the past seven days, as evidenced by the positive 30-day MVRV (Market Value to Realzied Value) ratio. However, the weekly holders saw significant fluctuations in earnings.