- Solana-powered Dogwifhat and Bonk cool off after 50% monthly rallies.
- Dogecoin picks up an intense trading volume of $2.29B on Spot in 24 hours.
- With 79% holders in profit, Dogecoin is approaching two potential sell walls.
The top dog meme coin, Dogecoin (DOGE), is back at the top of the priority list in an altcoin rebound rally, fetching over 10% gains in 24 hours. The largest Proof of Work (PoW) blockchain, aside from Bitcoin (BTC), tacked on a new monthly high of $0.1355 and is very close to reexamining its three-month price milestone of $0.141.
Is Dogecoin’s Ride to $0.20 Feasible?
Solana-based Dogwifhat (WIF) often emerges victorious in daily and weekly gains in the meme charts. Smaller market cap meme coins like Popcat (POPCAT) and Bonk (BONK) are still outgrowing DOGE in 30-day profit, but Dogecoin is making up for this with a double-digit run on October 18, 2024.
Now, the $0.20 price target for DOGE is the most realistic to determine the OG meme coin’s long-term direction, claims analyst and software engineer Whale Of City on X. As Dogecoin’s price is rapidly approaching the $0.137 resistance bubble, its resistance is spread out between two similar levels, according to IntoTheBlock.
From $0.137 to $0.1717, there are 504.57 Dogecoin wallets, amassing 10.46B DOGE tokens. If this resistance barrier is conquered, Dogecoin’s way upward will have to jump above a hurdle of 12.58B tokens, split between 750K addresses. Resistance levels usually encircle the most sensitive areas for traders attempting to break even or take profits.
DOGE continues to showcase an ultra-high price correlation with BTC, as the leading digital currency inked 10.5% gains to embark on a journey to $68K this week. As many crypto analysts noted, Bitcoin’s road to a new all-time high would likely open up opportunities for an all-around altcoin season, including the leading meme niche.
On the Flipside
- Social blockchain intelligence firm Santiment asserts that the shifting focus from popular Layer-1 projects and utility altcoins to more speculative digital assets like meme coins reflects a bigger crypto market correction.
Why This Matters
The dynamics of the rapidly growing meme section can shift daily, but Dogecoin has proven utility beyond its meme coin status.
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