Dogecoin (DOGE) Price Jumps 30% Past 12 Cents, Beginning of Parabolic Rally?

The world’s largest memecoin Dogecoin (DOGE) joins the crypto market party registering 33% gains in the last 24 hours and shooting past $0.1 for the first time since November 2022. At press time, the Dogecoin (DOGE) price is trading 33% up at a price of $0.125 and a market cap of $17.91 billion.

The Dogecoin (DOGE) Price Rally

As the Dogecoin (DOGE) price shoots past 12 cents, the 24-hour trading volumes have also skyrocketed by a staggering 156% to $4.77 billion. Over the last week, the DOGE price has shot up by a staggering 50% suggesting the beginning of the next bull run.

For the fourth time in its history, Dogecoin is signaling a two-week super trend buy signal. Each time this signal has been confirmed in the past, it has led to immediate parabolic price action for DOGE in the months that followed.

#Dogecoin for the 4th time in History is flashing a 2 week super trend buy signal. After each buy signal was confirmed it immediately began parabolic price action for the months ahead #DOGE. 10 days to confirm this. #Altcoins #Crypto pic.twitter.com/ra5KOU3o5J

— Yomi (@OG_Yomi) February 29, 2024

Furthermore, Dogecoin is also witnessing strong whale accumulation. Data from the blockchain tracking platform Whale Alert revealed that a whopping 276.21 million DOGE was accumulated from Robinhood, an American financial services company.

According to Whale Alert’s data, two major whale transactions were responsible for accumulating this substantial amount from Robinhood. The first transaction showed the accumulation of 172.89 million DOGE, valued at $16.59 million, by the address DEndnpPewG…gWLmkNMAtU. Meanwhile, the second transaction indicated that the address DGG1Ght6LB…pcSXme8X5S acquired 103.32 million DOGE, totaling $9.87 million.

DOGE Price Target and Memecoin Rally

Renowned cryptocurrency trading expert Ali Martinez has issued a bold forecast, envisioning a potential parabolic breakout for Dogecoin. Martinez predicts that Dogecoin could skyrocket to $1.7 by April, drawing insights from historical chart patterns and the ever-evolving dynamics of the market.

The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.

Currently, #DOGE appears to be mirroring this pattern: having… pic.twitter.com/69yXnlYRJd

— Ali (@ali_charts) February 23, 2024

The recent Dogecoin price action has spurted a rally across the memecoin space. Shiba Inu too has gained 20% in the last 24 hours and is currently trading $0.00001301 with a market cap of $7.67 billion. The daily trading volumes have also surged by 70% crossing $1.5 billion.

Furthermore, the latest reports suggest that Shiba Inu is set to introduce a new privacy-centric network atop the Shibarium blockchain, enhancing the value proposition of SHIB tokens. At the same time, Shiba Inu Futures Open Interest has experienced a notable increase of 120%. Going forward, the Shiba Inu price might aim for crucial resistance levels at $0.0000119, $0.0000158, and $0.000018

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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