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The Dogecoin (DOGE) price is showcasing rare bullish momentum on the market today, as the price saw a staggering 14% surge in 24 hours. Per data from CoinMarketCap, the Dogecoin price soared from a low of $0.1105 to a high of $0.1282 before settling at the current level of $0.1262.
Why is Dogecoin soaring today?
The growth in the price of Dogecoin is a surprising twist for the broader market, as the coin started out the trading day very bearishly. Broader meme coin sentiment has dwindled over the past few days as new entrants take investors' focus.
Gamza KhanzadaevThe surge in Dogecoin’s price is a trend that stems from the massive recovery in the price of Bitcoin. After breaching the $68,000 price mark, the top coin is now eyeing the $70,000 price level, which it has not breached since at least early June this year.
If Bitcoin can pull off the price growth, the DOGE correlation might make the meme coin follow a similar path. With the latest outlook, Dogecoin is now looking to breach the $0.13 resistance level that has formed a barrier over the past month.
Expecting bull run?
Many analysts have predicted that the price of DOGE is ready for a parabolic rally, with indicators like the TD Sequential signaling a buying trend.
With this elevated boost in Dogecoin's growth momentum, the broader expectation is that the long-awaited bull will finally activate. Overall, DOGE whale activity, active addresses and general adoption will drive the price rally.
However, the market’s growth is never linear, and DOGE's price may experience some pullbacks before soaring in the coming days. This uptick has repositioned the digital currency in line for its Uptober rally.
If it continues at this pace, DOGE may eventually top its 24% monthly growth.
Gamza Khanzadaev
Yuri Molchan
Vladislav Sopov
Dan Burgin