DOGE (Dogecoin) is quickly gaining market strength after a long slump. Starting this week, the original meme coin has outpaced Bitcoin and other altcoins.
With 7.10% growth in the past seven days, DOGE is trading at $0.08821. The coin has also made it back to the top 10 cryptocurrencies based on market cap. A major factor driving DOGE’s recent surge is its latest collaborations.
Ferrari, the luxury car manufacturer, recently announced accepting DOGE as a payment option in the US. Along with USDC, Bitcoin, and Ethereum, customers can now use Dogecoin to buy Ferraris in the United States.
Tesla is another big name that accepts Dogecoin as a payment method in the US. As more users get into crypto, the industry is gaining mainstream adoption. That is why the latest Dogecoin predictions see the coin reaching $0.26 in 2024.
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Currently, DOGE holds above three bull market indicators supported by the 20-day EMA, the 50-day EMA, and the 200-day EMA. Besides this, the coin is eyeing a bullish outlook from the Moving Average Convergence Divergence (MACD), positioned right above the neutral line.
A breakthrough above the nearest support level can push Dogecoin to the much-anticipated $0.1 and eventually $0.15. However, if the coin fails to do so, it will drop to the nearest support level, placed at $0.075.
Numerous factors hint at Dogecoin rallying in the upcoming weeks, such as the constant increase in addresses holding DOGE. IntoTheBlock reported that Dogecoin addresses went from 5.42 million to 5.9 million in 2024.
The report also mentioned that 87% of DOGE holders are in profit. On the other hand, only 11% face unrealized losses, according to the IOMAP model. Around 312,500 addresses have bought DPGE at a $0.0811 average.
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With little resistance in the way, Dogecoin can likely conclude its slump and hit the $0.1 mark soon.
