Over the last 24 hours, the Dogecoin price has increased by a notable 3.85%, coinciding with overall market growth.
Notably, historic 2021 patterns may be hinting toward further upside.
Today’s gain has further contributed to the 7.21% rise the Dogecoin price has seen since last Monday, in line with that observed from other notable altcoins.
Despite this renewed growth, there is still work to be done to recover the 14.22% decline over the past month. Even still, Dogecoin retains a modest 68.44% gain over the past year.
Indeed, with this renewed growth, trader interest in Dogecoin remains resilient. The coin’s trading volume has increased by 5.72% to $632.52 million over the past day.
The Dogecoin Price Seems to Mirror 2021 Patterns – New Highs Ahead?
This strong investor interest in Dogecoin may be credited to a notable shift in its market activity, reminiscent of that experienced before the 2021 Bull Run.
According to recent analysis by Santiment, the number of 24-hour active addresses for Dogecoin has dropped to 40,000. This level of network activity mirrors that of March 2020, just nine months before Dogecoin skyrocketed from $0.01 to $0.65 between January and May 2021.
Currently, the Dogecoin price is down 84.11% from its previous high of $0.737567.
For Dogecoin to surpass this high, several key indicators need to align. A closer look at the Dogecoin price chart may indicate that we are not in a bull run yet.
Most significantly, the Dogecoin price is currently trading below the 200DMA (Blue), which has acted as strong resistance since mid-June.
This indicates bearish market sentiment as weak buying pressure holds the price below its average.
Notably, this is likely credited to wider trends, such as the stir generated by the ongoing German and Mt.Gox Bitcoin sell-offs.
However, the Dogecoin price is currently retesting resistance presented by the 20DMA (yellow). If it can successfully overcome this resistance, it could signal the beginning of an upward trend.
This prospect is supported by the relative strength index, currently around 60. This represents a neutral state erring on bullishness, laying a strong foundation for the upside.
Given this, $0.13 appears to be the next price target for Dogecoin. Exceeding this price would not only break the resistance holding Dogecoin below the 200DMA but also reclaim key support.
As we near the end of the Bitcoin sell-offs, the recent pressure on Dogecoin is likely to be relieved. Therefore, it is credible that Dogecoin can break this target and then aim for a new high.
This New DOGE Coin Has Higher Gains Potential
Although traders may be eager to jump on Dogecoin, it will likely be some time before we see any significant upside.
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The post Can Dogecoin Hit New Highs Again? Price Prediction Based on 2021 Patterns appeared first on Cryptonews.
