Bitcoin (BTC) price has attempted to regain bullish sentiment in the past few days following a significant surge in renewed interest from whale investors. As a result, Dogecoin price, which has a 0.79 out 1 price correlation with Bitcoin, has signaled a potential bullish sentiment in the coming weeks.
The flagship dog-themed memecoin, with a fully diluted valuation of about $29.3 billion and a 24-hour average traded volume of around $1.79 billion, has surged more than 12 percent in the past seven days to trade about $0.1974 on Thursday, March 27, during the early hours of the Western financial markets.
In the four-hour timeframe, Dogecoin price had been trapped in a falling logarithmic trend, which was breached in the past 48 hours. After closing Wednesday above the prior upper border of a falling channel, the DOGE price is well positioned to gain gradual bullish momentum in the coming weeks.
From a technical analysis standpoint, the Dogecoin price is likely to retest the falling logarithmic trend, thus a possible forced liquidation of long-leveraged traders. In case of future bullish sentiment in the coming days, Dogecoin price is likely to end March trading above a crucial support level around $0.21, which could confirm a fresh rally towards the all-time high.
Meanwhile, in case of further bearish sentiment, the Dogecoin price is likely to drop toward the established support level of around $0.14.
As the top memecoin, which is secured through a time-tested proof-of-work consensus method, the Dogecoin network has attracted more investors, both retail and institutional. Backed by tech billionaire Elon Musk and his family of Unicorns, Dogecoin price is well positioned to rekindle a meme season in the near future.
Yes, Dogecoin might definitely be a good investment, if you are looking to invest for the long term.
No, Dogecoin is not dead right now, the peaks and troughs are normal in the cryptocurrency industry. Major announcements and happenings will eventually drive the price.
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