Dogecoin’s price action has sparked interest in its future potential, and I have made an optimistic prediction for Dogecoin’s price. Growing transaction volumes and more daily active addresses support this outlook. With the number of addresses holding Dogecoin reaching 90 million, the rise in adoption highlights the potential for a continued bullish Dogecoin price prediction.

Dogecoin price rise driven by increased interest

Dogecoin’s recent rally is driven by increased trader interest and improving key indicators. Compared to previous cycles, Dogecoin’s chart trend angle is steeper, predicting a breakout and subsequent retest of resistance within five to six weeks.

The following factors indicate that Dogecoin has bullish momentum:

  • Trading volume growth: up 37.5%

  • Daily active addresses increase: +2.3%

  • Adoption is on the rise: 90 million addresses hold Dogecoin

On the back of these strong adoption indicators, I foresee a potential breakout scenario and a post-halving rally. Increasing trader interest and improving key metrics suggest a bright future for Dogecoin.

Dogecoin price gains support amid bullish crypto market

Dogecoin’s recent support can be attributed to the overall bullish sentiment in the cryptocurrency market, particularly driven by Bitcoin’s strong performance.

Driven by important factors such as the launch of BlackRock iShares Bitcoin Trust Fund and expectations of a rate cut by the Federal Reserve, Bitcoin has recently soared to over $65,000, even reaching $66,000.

This positive momentum has had an impact on Dogecoin, with increased investor confidence and growing interest in digital assets fueling its upward trend.

Both cryptocurrencies benefited from a weaker dollar and broader market optimism, highlighting a favorable environment for digital currencies amid global economic uncertainty.

Dogecoin Price Prediction

DOGE is currently trading at $0.119136, down 3.20% in the past 24 hours. The cryptocurrency has a 24-hour trading volume of $697,615,560.

Dogecoin is ranked 9th on CoinMarketCap with a market cap of $17,295,525,785 and a circulating supply of 145,174,106,384 DOGE coins.

The 2-hour chart shows that Dogecoin has broken out of the descending channel, which has caused the price to drop to the $0.1190 level. The relative strength index (RSI) is 44.14, indicating a bearish sentiment.

Moreover, the 50-day exponential moving average (EMA) is located at $0.12024, which is slightly above the current price and acts as a resistance.

The key price levels to monitor include the pivot point at $0.12013. An immediate resistance is at $0.12376, while further resistance is at $0.12650 and $0.12956.

On the downside, the immediate support is at $0.11692, followed by $0.11401 and $0.11075. These levels are crucial for traders as they will signal the next potential move for Dogecoin.

Traders should remain cautious and watch any move above the $0.1200 level to consider a potential bullish reversal.