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The price of DOGE has been on a longer bullish trajectory since mid-February, when it began to rise from around $0.08.
Dogecoin (DOGE) has continued the rally it started after its price bottomed out at $0.12. On Thursday, it reached a high of $0.22, representing an 83% increase from the last local bottom in mid-March. The last time the price reached such heights was in December 2021, setting a 27-month record.
Dogecoin Keeps Outperforming Bitcoin
The price of DOGE has been on a longer bullish trajectory since mid-February, when it began to rise from around $0.08. Although it cooled off at some points, the bulls are not giving up. So far, it has outperformed Bitcoin, even with all the hype and bullish sentiment surrounding BTC at this time.
A comparison of DOGE and BTC prices shows that the memecoin started outperforming Bitcoin at the end of February. Before then, it had remained under the dominance of BTC since November 2022. The DOGE/BTC price rose from $0.0000015, then cooled off at some point but has been able to reach a high of $0.0000032 on Thursday. This represents around a 100% increase over Bitcoin in just one month.
Photo: TradingView
Is Memecoin Craze About to Follow Again?
Historically, we have seen the price of DOGE trigger that of other memecoins for a bullish rally. This time may not be any different. The major memecoins have, to a great extent, followed the bullish trajectory of the meme king. Shiba Inu, based on data from CoinMarketCap, has increased by 120% in the last four weeks at the time of writing. PEPE, WIF, and BONK have also followed the same pattern with increases of 155%, 320%, and 92%, respectively, within the same time period. If Dogecoin continues its upward move, memecoin enthusiasts might gain more confidence to keep acquiring more tokens to take advantage of the ongoing bullish trend.
Data from Santiment has also revealed a notable surge in DOGE transaction volume two days ago. Although the volume has reduced, possibly because some traders have started to take profit, it still remains up by 16% in the last 24 hours at the time of writing, based on data from CoinMarketCap. The significant increase in trading volume was not triggered by any major fundamentals, as there is no important news around Dogecoin at this time. We can conclude that it is a push being made by confident investors seeking to profit from the coin. With the general crypto market already in a bull run, now seems like the perfect time to push the price higher.
How High DOGE Price Rise In The Short-Term?
As the coin continues its upward trend, the question remains: how high can DOGE go? To answer this, Rekt Capital offered a technical approach and identified a major resistance level that has been broken at around $0.2. According to him, the price needs to close above that $0.2 level and turn it into support this month for a chance to reclaim the $0.3 level.
Dogecoin has ended its Macro Downtrend
And begun a new Macro Uptrend
And if DOGE Monthly Closes above the red ~$0.20 level…
It would reclaim a historical support that could offer further fuel for a move towards the ~$0.30+ area#DOGE #Crypto #Dogecoin https://t.co/MQRXtFMubo pic.twitter.com/H7muuxiOQv
— Rekt Capital (@rektcapital) March 28, 2024
Overall, the DOGE community remains highly optimistic about the price growth. One trader known as Doge Madness on X, has revealed his belief that the ongoing rally is only the tip of the iceberg. He is of the opinion that investors should continue holding their positions as the big players will further pump the price when the bull run deepens.
