Over the past 24 hours, the Dogecoin price has held steady with a 0.41% increase, despite an average -2.11% decline among meme coins. Meanwhile, significant inflows have bolstered Dogecoin’s recent trajectory.
This growth chips away from the 17.69% loss Dogecoin has seen since last Thursday – a trend observed among other notable cryptocurrencies.
The like of which have placed Dogecoin at a loss over the past month, down 8.36%, erasing much of the progress Dogecoin has made in recent weeks.
Indeed, despite these challenging conditions, traders remain active. The meme coin’s trading volume peaked at $1.03 billion over the past 24 hours.
Dogecoin Price Maintains Key Support – $1 Dogecoin Coming?
After a brief challenge in the early hours of the morning, it seems that Dogecoin remains strong.
Most notably, a significant multi-year resistance zone between $0.10495 and $0.09150 has proven to provide strong support in recent days. A closer look at the Dogecoin chart reveals the significance of this role reversal.
Despite a brief dip below it today, the level has held strong, propelled by recent inflows- an indicator of strong bullish sentiment towards Dogecoin.
This is further supported by indicators like the relative strength index (purple), which has reclaimed and surpassed the 50 mark, now sitting at 60. This shift to neutral, now leaning bullish, is a sign of stabilization.
Additionally, the 20DMA (yellow) continues its slight uptrend, even as the broader trend, represented by the 200DMA (blue), remains in decline.
With this newfound stability, is $1 the next target for Dogecoin? Given that Dogecoin has no real fundamentals of its own, such a substantial price rise would require significant backing.
Most significantly, speculation surrounding potential Dogecoin integration into X’s upcoming payment system seems the most credible catalyst.
X Payments account launched today.
Because of this $DOGE and $FLOKI have started sending.
If Elon actually implements DOGE or other meme coins as payment methods then we’re gonna get the craziest dog coin (or general meme coin) season ever. pic.twitter.com/z8368vBom8
— Byzantine General (@ByzGeneral) January 20, 2024
However, this remains a rumour, official confirmation will reveal the true impact this prospect will have on the Dogecoin price.
Although traders may be tempted by this bullish sentiment, the current bearish market climate, driven by fears of a US recession, warrants careful consideration.
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It will likely be a while until we see the full rollout of X payments, inhibited by licensing hurdles. Therefore, traders may find a strategic advantage in diversifying into newer, more promising opportunities.
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The post Is $1 Next for Dogecoin? Key Support Holds After $1 Billion Floods In appeared first on Cryptonews.
