2024-03-05 11:30:03 ET
Following Bitcoin’s record-breaking ascent to a new all-time high on Tuesday, Dogecoin (DOGE) has exhibited an impressive surge in momentum.
Dogecoin saw its price surge past $0.20 in the early hours of March 5, reaching its highest level since December 3, 2024, and marking a staggering 150% increase in its weekly gains.
Despite prices hovering at a peak not seen in three years, data reveals that whale investors continue to purchase millions of dollars’ worth of DOGE, showcasing their confidence in the cryptocurrency’s momentum.
The sharp fluctuations typical of meme-based cryptocurrencies make Dogecoin’s recent price movements less unexpected, reflecting the broader market’s current fascination with such assets.
Riding the Bitcoin rally
As Bitcoin’s rally propels forward, meme coins, including Dogecoin, have enjoyed significant surges in value. Dogecoin, in particular, has taken flight, breaking free from a months-long downtrend since October 2023.
The real momentum kicked off in February 2024, with Dogecoin’s value skyrocketing by 130% in just the past eight days, breezing past the previously established weekly resistance levels of $0.116 and $0.181.
This current market scenario, dominated by the allure of meme coins, underscores the massive appeal and speculative interest driving Dogecoin’s price.
The landscape remains highly susceptible to shifts, especially with Bitcoin’s new peaks potentially altering market dynamics.
What do technical indicators say?
Amidst this surge, technical indicators underscore the robustness of Dogecoin’s rally.
The Relative Strength Index (RSI) has climbed to an 85 level for the first time since May 2021, signaling a strong buying interest.
Amid this 150% rally, DOGE could potentially advance towards $0.30 in the upcoming weeks, say experts.
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