Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author
- DOGE characterized a rising channel.
- The Funding Rate was positive as monthly holders posted gains.
Dogecoin [DOGE] has been enjoying a double boost in recent days and showed no signs of slowing down at press time. Elon Musk’s Twitter payments ecosystem plan, with possible crypto integration, has led to a surge in social network volume, which has boosted its rally.
Reading Dogecoin [DOGE] Price Prediction 2023-24
Additionally, BTC’s January rally shortly after the FOMC announcement on February 1st further strengthened its bullish momentum. At the time of press, the meme was trading at $0.09507 and could target a value of $0.1 in the coming hours.
Is $0.1 possible?
Source: DOGE/USDT on TradingView
DOGE’s price action has shown a bullish channel pattern over the past few days, illustrating the meme coin’s bullish momentum over the same period.
How much is 1,10,100 DOGEs is it worth it today?
A Fibonacci retracement tool was placed at the high and low price points last week to assess potential resistance and support levels. DOGE bulls started price recovery after finding firm support at 26-period EMA and 61.8% Fib level of $0.09398.
In the coming hours, DOGE bulls could target the upper limit of the ascending channel – a $0.1 zone. However, they need to break the barriers at the 76.8% Fib level of $0.09655 and the bearish order block at $0.09885.
A break below the 26-period EMA of $0.09372 would invalidate the above bullish bias. The bearish trend could settle at the 50% or 38.2% Fib support levels.
DOGE’s Funding Rate was positive and monthly holders saw profits
Source: Santiment
According to Santiment data, the Funding Rate of DOGE on the Binance exchange has been positive since the end of last month. It shows that demand for meme coin in the derivatives market increased during the same period, highlighting a bullish sentiment.
At press time, DOGE’s weighted sentiment was positive, further reinforcing bullish sentiment. The trend could further strengthen its upward momentum.
Hence, the rise in prices led holders, especially monthly holders, to register huge gains over the past seven days as evidenced by the positive 30-day MVRV (Market Value to Realized Value) ratio. However, holders of the week saw significant fluctuations in earnings.