Dogecoin Market Cap Reaches $96.32 Billion Amid Price Fluctuations
The meme coin's market cap is $96.32 billion, reflecting a 2.68% increase over the past seven days. Dogecoin (DOGE) maintains its price above the $0.30 mark.
Currently, Dogecoin is priced at $0.3193, with a 2.41% decrease in the last 24 hours. It commands a market cap of $47 billion, representing nearly 49% of the memecoin sector.
Dogecoin Price Analysis
The 4-hour price chart shows Dogecoin in a pullback phase, creating a resistance trendline that has led to two bearish reversals, limiting bullish momentum.
The current candle indicates higher price rejection and has not crossed above the resistance trendline.
Critical support is identified at $0.3014, while the sideways trend suggests a bullish divergence in the RSI line, hinting at potential breakout opportunities.
However, the bearish alignment of EMA lines in the 4-hour chart poses dynamic resistances. A trendline breakout could face significant opposition and volatility.
Potential targets for Dogecoin are $0.37 or $0.41, while a drop below $0.30 may test the $0.2658 support level.
Dualities in the Dogecoin Derivatives
As DOGE's price trend remains sideways, open interest has decreased by 2.71% to $2.02 billion. The OI-weighted funding rate is stable at 0.0098%, indicating traders' willingness to maintain bullish positions.
Binance traders exhibit strong bullish sentiment with a long-to-short ratio of 4.07 based on accounts and 3.44 based on positions.
Despite this optimism, recent liquidations totaling $8.14 million indicate growing bearish sentiments among long-side traders.
Analyst Expects DOGE Price to Hit $16
Longer-term perspectives on meme coins reveal more stability. Analyst Ali Martinez noted a rising channel pattern in Dogecoin's price trend.
#Dogecoin $DOGE could rally by another 6,770% if it continues to follow the ascending parallel channel pattern! pic.twitter.com/Js9mYGwevK
— Ali (@ali_charts) December 30, 2024
Currently, the pullback is part of a recovery run within the channel pattern, with expectations to reach $17.76, accounting for a 6,770% increase if the trend persists. Dogecoin has already surged nearly 444% from the bottom support of this channel pattern, similar to dynamics observed prior to the 2021 bull run.
In summary, Dogecoin (DOGE) shows resilience in the meme coin market with recovery potential. Traders should await trendline breakouts and remain aware of high volatility and dynamic resistances.