The Dogecoin project has significantly benefited from the support of tech billionaire Elon Musk and his family of unicorns.
Amid the mild crypto bullish rebound led by Bitcoin BTC $111 222 24h volatility: 1.9% Market cap: $2.21 T Vol. 24h: $51.01 B price pumping above $61K on Friday, Dogecoin DOGE $0.21 24h volatility: 1.2% Market cap: $32.15 B Vol. 24h: $2.01 B , the oldest and leading meme coin, surged over 6 percent in the last 24 hours to trade around $0.108 at the time of this report. The flagship meme coin, with a fully diluted valuation of about $15.7 billion and a daily average t res Fed volume of around $980 million, rebounded from a crucial support level in the last few days.
In the daily time frame, Dogecoin price against the US dollar rebounded from the 50 Moving Average (MA). Additionally, the meme lord also rebounded from a falling logarithmic trend line that acted as a resistance level in the past seven months.
In the weekly time frame, Dogecoin price is about to register the first golden cross between the 50 and 200 Moving Averages (MAs). A consistent close above the weekly 50 MA will pump the DOGE price toward its all-time high in the subsequent months.
According to a popular crypto analyst Ali Martinez, Dogecoin price will likely pump at least 50 percent to reach 16 cents in the short term if it holds the current support level. Moreover, the crypto analyst noted that more than 60K addresses purchased over 36 billion DOGE units at the 11 cents level, thus acting as a robust support level.
It looks like #Dogecoin is retesting the breakout point from this falling wedge. If this level holds, $DOGE could soon rebound and march toward $0.16.
If you want to join me, sign up using my referral link https://t.co/73n8mWavUX, and let’s trade this one together! pic.twitter.com/ILXf06I5zc
— Ali (@ali_charts) October 2, 2024
In case the Dogecoin price violated the support range between 10 cents and 11 cents, the chances of further capitulation towards $0.08 will have significantly increased.
Dogecoin Registers High Onchain Activity
The Dogecoin network has registered significant user growth in the recent past and currently has over 7.4 million non-zero addresses.
The proof-of-work (PoW) secured meme coin has attracted institutional investors seeking to explore the crypto market through the mining industry.
According to on-chain data analysis provided by Santiment, the Dogecoin network registered the highest number of active addresses in the past six months after recently reaching over 84K users.
The notable spike in Dogecoin’s on-chain activity is largely attributed to the whale investors seeking to diversify into the altcoin industry ahead of the anticipated altseason.
Moreover, the DOGE/BTC pair is currently retesting the bear market lows, coupled with a bullish divergence on the weekly Relative Strength Index (RSI). With Bitcoin dominance forming a potential macro reversal pattern, the crypto cash rotation will continue to increase in the near term and trigger the much-awaited altseason.
Fundamental Aspect
Tech billionaire Elon Musk has reiterated his unwavering support for the Dogecoin project in the long term. Musk has severally promised that the meme lord will be used as a form of payment in his unicorns led by Tesla, X platform, and SpaceX, among others.
With the notable adoption of meme coins in the crypto industry, the Dogecoin price is well poised to reach at least $1 in the coming months.
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