Dogecoin Overtakes Tether in Market Cap After Making New All-Time High

Dogecoin has caught the market's attention after rising by 181% in the last 24 hours. 

Shutterstock photo by Enna8982

Key Takeaways

  • Dogecoin has posted year-to-date returns of nearly 7,000%.
  • The meme coin continues surging while the rest of the market takes the backseat.
  • If buying pressure continues mounting, DOGE could rise to $0.36 or even $0.52.

Share this article

Dogecoin continues its staggering advance thanks to a new wave of interest. Even after nearly 200% in gains, DOGE may just be getting started.

Dogecoin Leads the Charts

Dogecoin has stolen the crypto spotlight after skyrocketing by a more than 180% in the last 24 hours. While the rest of the market bled, DOGE surged from $0.18 to make a new all-time high of $0.46. 

The sudden bullish impulse pushed it up in the rankings to become the fifth-largest cryptocurrency by market capitalization, above Tether. 

Crypto Heat Map by Coin360
Crypto Heat Map by Coin360

Skew implied that the hype behind Dogecoin is real. The data analytics firm recorded a significant spike in the number of daily subscribers on Dogecoin’s subreddit over the past week. 

There were roughly 500 subscribers to r/dogecoin on Apr. 10. Now, more than 30,000 people have joined this subreddit community. 

Crypto Subreddits by Skew
Crypto Subreddits by Skew

Further Gains on the Horizon

From a technical perspective, Dogecoin’s explosive price action comes from the breakout of an ascending triangle that developed on its daily chart since late January. The three-month-long consolidation period ended on Apr. 13, with a 416% upswing. 

The most optimistic target is determined by measuring the height of the triangle’s y-axis from the bottom up and adding that distance to the breakout point. When taking this into account, DOGE has met the bullish target as it rose above the 200% Fibonacci retracement level at nearly $0.36. 

As FOMO drives even more investors, Dogecoin may have a chance to advance to the 227.2% or the 261.8%Fibonacci retracement level. These areas of interest sit at $0.52 and $0.83, respectively.

Dogecoin US dollar price chart
DOGE/USDT on TradingView

Given the magnitude of Dogecoin’s uptrend, it would be reasonable for prices to slow down before targeting higher highs.

A rejection from the $0.36 hurdle might lead to a spike in profit-taking that sends DOGE back to look for support around the 161.8% or 141.4% Fibonacci retracement level. 

These demand walls sit at $0.21 and $0.16, respectively. 

Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.

Share this article

Loading...