Dogecoin (DOGE) Parabolic 28% Rally Hits Bricks, What Comes Next

Sat, 30/03/2024 – 13:43

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Dogecoin’s (DOGE) price is undergoing a major cool-off after printing a bearish close on March 29 on the daily chart. This drawdown comes after the meme coin recorded a massive upsurge of 28% in the trailing seven-day period. At the time of writing, Dogecoin is down by 1.33% in the past 24 hours to $0.211.

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Though the parabolic 28% surge of the past week has hit a brick wall at this time, the price and network growth trend of DOGE for the better part of the month showcases what to expect in both the short and long term. Dogecoin started the month on a bullish note with a price of $0.1164. From March 1 through March 4, the coin recorded successive green daily candles but suffered a steep correction on March 5.

This correction extended until March 19, from which a bullish reversal was recorded. At this point, the price jumped from $0.12368 to a monthly high of $0.22847 as of March 27. This erratic movement shows that the price of Dogecoin is dynamic and might wriggle out of the current drawdown.

The daily charts show an ongoing bull-bear war, one that might be decided by the broader trend in the industry.

Dogecoin stiff resistance to watch

Besides the general market outlook and whale actions, data from the crypto analytics platform IntoTheBlock (ITB) has showcased the major resistance point for the DOGE price.

With the 88.98% jump in the addresses in profit coming in at 5.52 million addresses, the data posits that a total of 6.47 billion DOGE serves as a barrier to watch.

Dogecoin I/O Money Chart. Source: IntoTheBlock

A total of 573,840 addresses have a stake at this point and current charts show this is the last major barrier to set Dogecoin on its way toward retesting its all-time high (ATH) price of $0.7376.

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