Crypto
Dogecoin Price Climbs on Bullish On-Chain Metrics: How High Can DOGE Go?
Dogecoin price has experienced significant volatility throughout November because of recent events in the cryptocurrency market involving the spot bitcoin ETF and legal action against Binance. Even so, the DOGE price is likely to start its recovery journey soon. The largest meme coin by market cap has added nearly 14% in its value in the past week, 17.33% in the month to date, and more than 15% in the year to date. DOGE’s total market cap has climbed by 3.20% over the past 24 hours to $11.5 billion, ranking it 9th after Cardano, while its daily trading volume increased by 23% over the same period.
DOGE’s Outlook
Since it arrived in the market in 2013, Dogecoin has enjoyed a period of relative stability and calmness. The meme coin has significantly improved its price, popularity, and presence on different social media platforms. Today, Dogecoin is not only the most popular meme coin but also one of the most valuable cryptocurrencies in the world. Over the years, DOGE has received significant support from SpaceX and Tesla founder Elon Musk, contributing to the growth in the Dogecoin price.
Dogecoin price has been in the green over the past three days, shedding some of the losses made throughout the month. On-chain metrics paint a bullish outlook for Dogecoin, highlighted by a massive increase in non-zero balance wallet addresses.
Data by crypto intelligence tracker IntoTheBlock shows that Dogecoin’s non-zero balance wallets climbed to 5.11 million. This marks a significant milestone, as DOGE wallets with a balance hit a record high, highlighting a rising demand for DOGE among market participants.
Notably, the overall DOGE transaction count hit a major new high of nearly 1.5 million over the past 24 hours. According to prominent Dogecoin developer Mishaboar, the massive traffic is due to small transfers. Many users are taking advantage of the Dogecoin network, which generously offers low fees and dust limits. As such, traders seem optimistic as the spike in wallet addresses supports a bullish thesis for DOGE recovery.
Dogecoin Price Analysis
The daily chart depicts noticeable price swings in the Dogecoin price throughout November, indicating a lack of dominance from either bulls or bears. The digital asset has been facing strong resistance at the critical level of $0.08400. Even so, the meme coin remains above the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has moved slightly higher but remains in the neutral zone. The Bollinger Bands have widened throughout November, suggesting an increase in volatility.
The upper Bollinger band at $0.08400 serves as the immediate barrier for buyers. A break above this level could pave the way for further gains to $0.0900 and the highly competitive level of $0.100. Conversely, a potential decline below the immediate support of $0.07560 will invalidate the bullish thesis.
DOGE Price Chart
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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