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Home»ALTCOIN NEWS»Dogecoin Breaks $0.20: Is the Multi-Year Downtrend Over?
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Dogecoin Breaks $0.20: Is the Multi-Year Downtrend Over?

By Crypto FlexsNovember 9, 20243 Mins Read
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  • DOGE has recorded huge trading volumes in both spot and derivatives.
  • Dogecoin’s price action looked parabolic due to Donald Trump’s victory.
  • Fibonacci milestone increases odds of new Dogecoin all-time high.

Top dog cryptocurrency Dogecoin (DOGE) is leading the broader cryptocurrency market race on Wednesday. Dogecoin’s price recorded the biggest gain among the top 10 cryptocurrencies by global market capitalization, rising 16.9% in 24 hours.

DOGE network activity passes through walls.

Dogecoin has been dancing with the bulls since Elon Musk continued to support the Department of Government Efficiency (DOGE), which is highly supported by the cryptocurrency community behind the meme coin with the same acronym. The Canadian coin sparked a 79% rally in 30 days, paving the way for it to regain its annual high of $0.225 set half a year ago.

The DOGE Army, rooting for Republican candidate Donald Trump’s victory, shared joyous memes amid the double-digit price rally. The rally saw a massive trading volume of $13.5 billion in the last 24 hours.

With surging trading activity globally on Spot, DOGE has recorded more 24-hour trading volume than Shiba Inu (SHIB), Ripple (XRP), and Pepe (PEPE) combined. Additionally, extremely high trading volume in derivatives markets contributed to Dogecoin’s trading volume of $23.81 billion and outstanding trading of $1.66 billion.

Dogecoin breaks the historic 0.50 Fibonacci level.

DOGE’s price action ended a multi-year downtrend and broke above the 0.50 Fibonacci retracement level. In the chart below, Fibonacci level 1 is closely aligned with Dogecoin’s all-time high of $0.73.

Analyst Ali Martinez argued that historical patterns show Dogecoin typically violates the 1.618 Fibonacci level in bullish cycles, given that DOGE currently claims the 0.50 Fibonacci level at $0.20. “If history repeats itself, #DOGE could hit prices between $4 and $23!” A veteran cryptocurrency analyst predicted:

Other crypto analysts have painted a similarly bright picture, with Crypto Crow declaring: “We will not stop at $1. “Mark my words.”. According to blockchain analytics platform IntoTheBlock, the rise in the price of meme coins along with social buzz is partly due to increased DOGE whale activity. This is due to a 2.69% increase in daily large transactions. In eighth place, the native cryptocurrency on the Proof-of-Work (PoW) blockchain traded at $0.1978, surging 173% on a year-to-date basis.

On the flip side

  • Dogecoin’s double-digit bull session in derivatives markets saw similar liquidations on both sides.
  • Of the $59.84 million in leveraged position liquidations, more than $28 million were long-term leveraged plays on DOGE.

Why This Matters

Dogecoin is currently the most utilized blockchain by transaction volume outside of Bitcoin and Ethereum.

Discover the top cryptocurrency news on DailyCoin:

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