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DOGE surged by 3.05% on the charts over the last 24 hours At the time of writing, the memecoin was stuck in a consolidation range between $0.1 and $0.13 Dogecoin [DOGE], the world’s largest memecoin by market cap, has appreciated by a significant margin over the past month. In fact, at the time of writing, DOGE was trading at $0.011, up 3.05% in the last 24 hours, with the memecoin gaining on the weekly and monthly charts too. And yet, despite the sustained hike in Dogecoin’s value, the memecoin remains almost 85% below its 2021 ATH of $0.73. At press time, it was also 51.32% below its yearly high of $0.228. Even so, many in Dogecoin’s community remain optimistic, especially in light of the crypto’s recent bullish action. Current market conditions have also left analysts betting on a potential memecoin-driven bull market. One of these analysts is Kevin Capital who suggested that DOGE is currently at the perfect buying opportunity, before it surges for real. What does market sentiment say? In his analysis, Kevin observed that Dogecoin is still attempting to create a successful bullish retest of a macro falling wedge. This, after completing its typical bull market 60% correction. Source: X As such, a successful retest of this level will see DOGE hike to a local high, one surpassing the $0.13 resistance level. Historically, the last time Dogecoin broke from this channel, it went to climb to its ATH in 2021. In fact, even 2024’s breakout saw DOGE surge to a yearly high. Therefore, based on this analogy, a successful retest and breakout will push the memecoin’s price to a new high. At least on a yearly basis. What does DOGE’s price chart say? While the aforementioned observation is a positive one, it’s essential to determine what market fundamentals…

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Filed under: News - @ October 13, 2024 7:15 am