Dogecoin Rally Continues as BTC Breakout Sparks Bullish Momentum
The price of Dogecoin is currently at $0.3834 after recording extended gains of 32.64% over the previous day. This rise comes after Bitcoin’s dramatic ascent to a record high of $89,956. Additionally, a 3-year resistance level has been broken by the price increase, which may send DOGE’s price back to its former all-time high and even higher, possibly to $1.8.
Dogecoin is currently valued at $56 billion, barely below BNB (BNB), after the price of BTC surged. The price of DOGE is at its highest point in the last three years and is only roughly two times away from hitting its prior peak. The dog-themed meme coin might surpass BNB and Solana (SOL) as the fourth-largest cryptocurrency asset by market capitalization if it continues to rise.
DOGE Bulls Push for New Highs: 95% of Investors in Profit Amid Strong Demand
Out of the top ten cryptocurrency assets (not including stablecoins), DOGE is the best performer. Cardano (ADA) has risen 66% in the past 30 days, while it has gained 252%. With a rise of just 12% over the previous month, XRP (XRP) was the worst-performing asset among the top 10. The price of Dogecoin faces minimal challenges after breaking through the $0.35 level.
On-chain data indicate an extended rise higher, and the route to the previous all-time high is evident. According to Coinglass data, there are more than $320 million in longs and barely $20 million in shorts on Binance, OKX, and Bybit. This disparity indicates that the market is dominated by bullish enthusiasm, and Dogecoin could rise sharply.
According to IntoTheBlock data, 95.25% of Dogecoin investors are making money, compared to just 0.02% who are losing money and 4.73% who are at the money. According to Coingecko data, the Dogecoin 24-hour trading volume has climbed by 26%, indicating that investors are still supporting the project; therefore, this number could change quickly.
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