Dogecoin’s price has been on a rising trajectory since Elon Musk acquired Twitter Inc. for $44 billion late last year. From a daily and weekly chart, the Dogecoin price has formed a falling wedge, which usually signals that the trend will resume later on. As such, market analysts believe the meme lord could rally beyond its October highs of about $0.159 soon.
The rising narrative is backed by the 200W MA, which has supported the price in the past two days. Moreover, the Dogecoin price already broke out of the multi-week falling trend and is now retesting the trend line as a support level.
However, the narrative could be invalidated should the Dogecoin price fall below the trend line support, which would then act as a resistance level once again.
According to our latest crypto price oracles, Dogecoin has gained approximately 18 percent in the past 14 days to trade around $0.084497. The ninth-largest digital asset takes pride in a market capitalization of approximately $11,649,383,387 and a 24-hour trading volume of about $526,969,058. Notably, Dogecoin has recorded total liquidation of approximately $1.61 million in the past 24 hours according to aggregate data provided by Coinglass.
According to several crypto analysts, the next probable trend in Dogecoin is a multi-week consolidation before the next bull market takes place. Furthermore, in the past two bear markets that Dogecoin has existed, first between 2014-2017 and second between 2018-2020, consolidation has taken place in multi-quarter before going parabolic.
As the second largest proof-of-work (PoW) digital asset, Dogecoin has attracted investors from all over the world. According to on-chain data from Tokenview, Dogecoin has about 5,173,869 holders and a total hash rate of approximately 630.95 (TH/s).