Dogecoin Price: DOGE Rebounds From Critical Support, Bullish Momentum Builds

DOGE, the native cryptocurrency of the Dogecoin network, has seen a recent price increase, currently trading at $0.1266, reflecting a 3.01% gain over the past 24 hours. This surge can be attributed to heightened interest and activity in the Dogecoin market, largely driven by social media influence and endorsements from prominent figures. These factors have historically played significant roles in driving up Dogecoin’s valuation.,This positive market activity suggests that Dogecoin is on the verge of a substantial price surge. Bullish investors are rallying to defend a critical support level, with a potential of further price increase if Dogecoin maintains its current support.,Dogecoin (DOGE) is showing signs of potential bullish momentum as it stabilizes around a critical support level at the 200-week Exponential Moving Average (EMA), which is approximately $0.118. This EMA acts as a significant technical indicator and support zone, crucial for determining future price movements.,Dogecoin has seen significant growth in open interest, which has surged over 5% in the past 24 hours, reaching a valuation of $544.9 million. With such growth, it shows significant possibilities for more surge upward. Such a development would reinforce confidence in Dogecoin’s upward trajectory and possibly lead to sustained growth.,

,Also, if Dogecoin continues to hold above the $0.114 support level, it could trigger a rally of over 10%, pushing the price up to $0.140 region. This target price range represents a 50% price retracement level from the range of $0.055 to $0.228, observed between August 2023 and March 2024. Achieving this level would confirm the bullish trend and potentially attract more investors, further driving up the price.,Dogecoin’s momentum and on-chain metrics also support a bullish outlook. Key indicators include:,

,Also Read: Binance Lists ETHFI, MEME, PYTH Among 7 New FDUSD Trading Pairs,While Bitcoin’s price steadies, meme coins are stealing the show in the crypto market’s comeback. These fun, internet-inspired tokens are leading the pack, with a massive average return of 1,834% in 2024. That’s way ahead of other crypto categories, making meme coins the surprise stars of this rally.,To put it in perspective, the next best performer, real-world assets or RWAs managed just 213% growth. It seems investors can’t get enough of meme coins. As this corner of the market grows up, we’re seeing more complex meme coin projects pop up, and they’re getting a lot of attention and money.,This trend shows just how much appeal meme coins like Dogecoin have. They’re not just jokes anymore and they are becoming a real force in crypto, potentially shaping where the market goes next and how investors get involved.,Also Read:,