Can Dogecoin Hit New Highs Again? Price Prediction Based on 2021 Patterns
Over the last 24 hours, the Dogecoin price has increased by a notable 3.85%, coinciding with overall market growth.
Notably, historic 2021 patterns may be hinting toward further upside.
Today’s gain has further contributed to the 7.21% rise the Dogecoin price has seen since last Monday, in line with that observed from other notable altcoins .
Despite this renewed growth, there is still work to be done to recover the 14.22% decline over the past month. Even still, Dogecoin retains a modest 68.44% gain over the past year.
Indeed, with this renewed growth, trader interest in Dogecoin remains resilient. The coin’s trading volume has increased by 5.72% to $632.52 million over the past day.
This strong investor interest in Dogecoin may be credited to a notable shift in its market activity, reminiscent of that experienced before the 2021 Bull Run.
According to recent analysis by Santiment , the number of 24-hour active addresses for Dogecoin has dropped to 40,000. This level of network activity mirrors that of March 2020, just nine months before Dogecoin skyrocketed from $0.01 to $0.65 between January and May 2021.
Currently, the Dogecoin price is down 84.11% from its previous high of $0.737567.
For Dogecoin to surpass this high, several key indicators need to align. A closer look at the Dogecoin price chart may indicate that we are not in a bull run yet.
Most significantly, the Dogecoin price is currently trading below the 200DMA (Blue), which has acted as strong resistance since mid-June.
This indicates bearish market sentiment as weak buying pressure holds the price below its average.
Notably, this is likely credited to wider trends, such as the stir generated by the ongoing German and Mt.Gox Bitcoin sell-offs .
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