Dogecoin's price has risen by 43.4% in the past 24 hours, currently trading at $0.4050. This increase occurred after Bitcoin surged to a historical high of $89,561. Additionally, the price rise has led to a breakout of a three-year resistance level, which could push Dogecoin's price back to previous historical highs or even higher, potentially reaching $1.80.
Bitcoin price surges, Dogecoin price skyrockets
As BTC price skyrockets, Dogecoin's market capitalization currently reaches $53 billion, slightly below BNB (BNB). This is the highest price for Dogecoin in the past three years, only about twice the distance from the previous all-time high. The upcoming surge could allow this dog-themed meme coin to surpass BNB and Solana (SOL), becoming the fourth largest crypto asset by market capitalization.
DOGE is the best-performing asset among the top 10 cryptocurrencies (excluding stablecoins). It has risen 252% in the past 30 days, followed by Cardano (ADA), which rose 66%. XRP (XRP) is the worst-performing asset over the past month, with only a 12% increase.
Dogecoin is expected to rise further to ATH
After breaking the resistance level of $0.35, there are virtually no obstacles for Dogecoin's price. The path to the previous historical high is clear, and on-chain indicators support further upward movement. Coinglass data shows that long positions on Binance, OKX, and Bybit exceed $320 million, while short positions are only $20 million. This imbalance indicates bullish sentiment dominating the market, and Dogecoin could see significant gains.
IntoTheBlock data shows that 95.25% of Dogecoin investors are in profit, with only 0.02% of investors at a loss, and 4.73% of investors making profits. According to Coingecko data, Dogecoin's 24-hour trading volume has increased by 26%, a figure that may change soon, indicating that investors are still buying into the project.
Dogecoin is expected to hit a historical high of $1.80
Based on the current volatility of Dogecoin's price movements, market observers predict that Dogecoin could soar above $1 by the end of this year. The Dogecoin chart shows a strong upward breakout during a long accumulation phase, breaking through major resistance levels around $0.23 and $0.35. The next major resistance level is around $0.7605, which is the peak level Dogecoin reached in 2021.
Dogecoin price predictions indicate that the asset may be entering a wave of impulse, potentially aiming for higher resistance levels in the next bullish wave. If this upward momentum continues, it may push towards $0.76, which is the ultimate target for this wave.
