- Solana-based Dogwifhat and Bonk cooled after 50% monthly rally.
- Dogecoin recorded a strong trading volume of $2.29 billion on Spot in 24 hours.
- Dogecoin, with a 79% profit holder, is approaching two potential selling walls.
Dogecoin (DOGE), the leading dog meme coin, is back at the top of the priority list in the altcoin rally, rising more than 10% in 24 hours. The largest proof-of-work (PoW) blockchain outside of Bitcoin (BTC) has hit a monthly high of $0.1355 and is very close to revisiting the three-month price milestone of $0.141.
Is it possible for Dogecoin to reach $0.20?
Solana-based Dogwifhat (WIF) often wins the daily and weekly gains on the meme charts. Smaller market cap meme coins like Popcat (POPCAT) and Bonk (BONK) are still outperforming DOGE in 30-day returns, but Dogecoin is making up for it with double-digit gains as of October 18, 2024.
Now, DOGE’s $0.20 price target is the most realistic for determining the long-term direction of the OG meme coin, said Whale Of City, X’s claims analyst and software engineer. Resistance spreads as Dogecoin’s price quickly approaches the $0.137 resistance bubble. According to IntoTheBlock, it’s between two similar levels.
There are 504.57 Dogecoin wallets, ranging from $0.137 to $0.1717, holding 10.46 billion DOGE tokens. Once this resistance barrier is conquered, Dogecoin’s path upward will require jumping the hurdle of 125.8B tokens split among 750,000 addresses. Resistance levels usually surround the most sensitive area for traders looking to break even or take profit.
DOGE continues to show very high price correlation with BTC as the major digital currency recorded a 10.5% gain to start its journey to $68,000 this week. As many cryptocurrency analysts have pointed out, Bitcoin hitting new all-time highs is likely to open the door to an overall altcoin season, including the leading meme niche.
On the flipside
- Santiment, a social blockchain information company, claims: focus shift It reflects a larger correction in the cryptocurrency market, from popular Layer-1 projects and utility altcoins to more speculative digital assets like meme coins.
Why This Matters
The dynamics of the fast-growing meme section may change daily, but Dogecoin has proven its usefulness beyond its status as a meme coin.
Check out DailyCoin’s top cryptocurrency stories:
Binance’s Gambarian ‘very ill’, unable to appear at messy hearing
BlackRock’s Fink: Cryptocurrency Will Win Regardless of Election Results