Highlights:
- Dogecoin price surges 4% as the meme coin’s trading volume plummets.
- Coinglass data shows a plunge in long/short rations for Dogecoin.
- Despite the slight correction, Dogecoin is still holding strong.
The Dogecoin price is upholding a splendid bullish picture, rising 4% on Wednesday during the European session to $0.1714. However, its 24-hour trading volume has plummeted 11% to $3.36 billion, indicating a fall in market activity. DOGE is now up 24% in a week, 40% in a month, and a whopping 145% in a year.
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Coinglass data, however, shows a plunge in the DOGE Long/Short ratios. After climbing to a high of 1.08 yesterday, Dogecoin has plunged below 1, currently at 0.90. A fall below 1 indicates some bearish prospects in the market.
Despite a slight correction, the king of meme coins is still looking strong. This might be the best time to buy the dips in order to not miss out on the whale chances. Moreover, crypto analysts are optimistic about a DOGE price rally in the near term.
Vamef, a crypto trader and investor has mentioned via X that the DOGE price has reached the demand area, based on the 4-hour chart timeframe. He speculates that the price will pump, which might see the leading meme coin by market cap hit a new ATH.
#DOGE is reached the demand area on the 4-hour time frame.
We expect the price to pump from this area. 🚀👉👉https://t.co/wlvPKXvuwQ pic.twitter.com/HharE6tPfk
— vamef (@vihane1310) October 30, 2024
Dogecoin Statistical Data
Based on CoinmarketCap data:
- DOGE price now – $0.1714
- Trading volume (24h) – $3.36 billion
- Market cap – $25.13 billion
- Total supply – 146.58 billion
- Circulating supply – 146.58 billion
- DOGE ranking – #8
Dogecoin Price Enters Into a Consolidation Phase
After breaking out of a bullish flag on October 29, DOGE is consolidating and gaining momentum, supported by the 50MA and 100MA. This consolidation phase may act as an accumulation period before a substantial upward leg, potentially reaching ATH.
In the meantime, the bulls are boasting a splendid bullish picture, as DOGE trades above key bullish indicators. These include the 50-day SMA at $0.1459 and the 200-day SMA at $0.1253. If these immediate support levels stay intact, the bulls could build momentum, rallying the Dogecoin price to $0.18 or above to $0.2 in the near term.
On the other hand, after climbing to 70-overbought territory, the RSI has faced some corrections, which were expected as earlier predicted. This retracement is essential to enable DOGE to sweep through more liquidity as already sidelined investors rush to buy lower-priced tokens.
On the other fence, traders are at liberty to hold their long positions in DOGE intact, bolstered by the bullish outlook from the Moving Average Convergence Divergence (MACD) indicator. A buy signal validated the rally, with the blue MACD line stepping above the signal line in orange. Traders are inclined to buy DOGE unless the MACD changes.
Dogecoin Price Outlook
In the 4-hour chart above, the DOGE price is consolidating; however, the odds tilt toward the buyers. After sweeping enough liquidity, the bulls may initiate a strong rally, targeting $0.2 in the near term. Conversely, if the market correction strengthens, the DOGE price could drop. In such a case, the $0.1459 support level will be in line to absorb potential selling pressure.
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