**Analysis of Dogecoin’s Potential Upsurge: Can DOGE Reach Previous Peaks in 2024?**
Following a peak of $0.132, Dogecoin (DOGE) has faced challenges in reclaiming its former highs, resulting in a 15.15% decline over the past two weeks.
Currently, DOGE is valued at $0.112, reflecting a 1.75% decrease in the last week. However, before this setback, DOGE was experiencing a positive trend, with a monthly increase of 4.97%.
Despite recent losses, the past 24 hours have shown increased trading activity, boosting Dogecoin’s trading volume by 47.43% to $750.97 million.
Expert Insights on Market Sentiment
Renowned crypto analysts Ali Martinez and Trader Alan have offered their perspectives on the current market situation.
According to Martinez, the TD sequential indicator has signaled a buying opportunity, suggesting that the downside may have concluded, presenting an optimal window for investors to enter the market.
On the other hand, Alan noted a 20-SMA crossover above the 100-SMA on daily charts for DOGE. This indicates strong buying pressure and hints at an upcoming upward movement in prices.
Alan further highlighted that recent levels have surpassed both the 2024 highs and lows, suggesting a breakout above previous resistance levels and below former support levels.
With these signals aligning to welcome new investors and forecasting a bullish movement, DOGE appears poised for an upward trajectory.
Prospects for DOGE Reclaiming 2024 Highs
The analysis outlined above paints an optimistic picture for Dogecoin’s future trajectory, potentially paving the way for further gains in its price.
Notably, Dogecoin’s Open interest on various exchanges has shown a consistent surge, rising from $140 million to $153.71 million.
This uptrend in open interest signifies a growing number of investors opening new positions and holding onto existing ones, showcasing trust in the market’s future potential.
Moreover, the outflow of tokens from large holders in DOGE has decreased significantly from 163.41 million to 27.35 million over the past week, suggesting a preference to retain their holdings.
Furthermore, the Options volume for Dogecoin has surged by 118.21% to reach $120.64 million, indicating heightened buying pressure as investors anticipate a rise in prices.
Similarly, the Options Open Interest has witnessed a rise of 28.99% to $503.95k, hinting at growing interest in future price movements.