
Dogecoin, the largest memecoin by market capitalization, has rallied more than 10% in the past 24 hours as memecoins have recovered across the board.
Currently trading at $0.1262, the Dogecoin (DOGE) price reached its highest value since Sept. 29, marking a 44% climb from its local low of $0.08888 on Sept. 6.
DOGE/USD daily chart. Source: TradingView
Trading activity also spiked up in tandem with DOGE’s price surge. DOGE’s spot trading volumes topped $1.8 billion on Oct. 16, rising by 95% over the last 24 hours and 165% over the last seven days.
Its market capitalization reclaimed the $18 billion mark, cementing its position as the biggest memecoin, according to data from CoinMarketCap.
It is also the most traded memecoin on Oct. 16, outpacing Pepe (PEPE) by more than $600 million in volume.
What are the factors behind DOGE’s recent bullish momentum?
DOGE price seeks to end a multimonth downtrend
Several crypto traders said they expect Dogecoin to build on the current momentum to initiate a sustained recovery.
“Doge is ready to run,” pseudonymous altcoin analyst Alstreet Bets wrote in an Oct. 16 post on X.
Crypto technical analyst Mikybull Crypto shared a chart showing the DOGE price breaking above a 180-day descending trendline, with $0.13 and $0.14 being key resistance levels to watch, while writing:
“It looks like god candle is coming.”
The multimonth descending trend line at $0.1047 is acting as immediate support for the memecoin. The moving average convergence divergence (MACD) indicator has just produced a bullish signal.
This happened when the MACD line (blue) crossed above the signal line (orange), suggesting that market conditions had flipped in favor of the upside.
DOGE/USD weekly chart. Source: TradingView
It is worth noting that DOGE’s latest rally has seen it flip crucial levels into support, including the 50-week and 100-week simple moving averages (SMAs) at $0.1196 and $0.970, respectively. Increased buying from these buyer congestion zones will likely push the DOGE price higher toward the March 18 high of $0.2286.
Meanwhile, futures traders are doubtful of a quick rebound, with $587,344 in…
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