Dogecoin (DOGE) 28% Price Surge Puts It on Track for a New 2024 High
2024-10-30

Dogecoin DOGEUSD may be on track to surpass its highest level this year, following an impressive 28% gain over the past seven days. This surge suggests that Dogecoin could soon surpass its highest price this year.
In early October, DOGE’s price hovered around $0.10, raising the possibility of a dip below this level. However, since its rebound, several on-chain metrics suggest that the meme coin’s rally may continue.
Dogecoin Historical Trends Suggests Bullish Outlook 
Dogecoin’s price surge was driven by increased buying pressure and significant whale accumulation. Notably, a series of posts and comments by Elon Musk also contributed to DOGE’s run up to $0.18.
According to Santiment, this may just be the beginning of a rally similar to DOGE’s climb to $0.22 in March. One of the key metrics that facilitated that run was the Market Value to Realized Value (MVRV) Long/Short Difference.
The MVRV Long/Short Difference checks whether long-term holders have more unrealized profits at the current price or if short-term holders do. When the reading is positive, long-term holders do, which is a bullish sign that could potentially drive prices up. 
On the other hand, a negative reading indicates that short-term holders are making more money, which is typically bearish. As seen below, Dogecoin MVRV Long/Short Difference has jumped to the positive region for the first time since July.
The last time that happened, the coin’s price moved from $0.10 to $0.13 in less than three months. Therefore, if history rhymes, the value might climb by another 30% before the year ends, and this could take Dogecoin’s highest price in 2024 to $0.23, which is much more than the peak it registered in March.
Furthermore, Dogecoin has seen a notable increase in the number of new and active addresses on the blockchain. 
When this metric rises, it suggests that user engagement is supporting the price increase, indicating a significant correction may not be imminent. 
Additionally, the surge in new addresses shows that retail investors are joining the DOGE hype, potentially sustaining the upward price momentum.
DOGE Price Prediction: 30% Increase Possible
On the daily chart, Dogecoin’s price has risen above the supply zone at $0.16. Historically, the meme coin has found it challenging to surpass this resistance. For instance, DOGE faced rejection at this point in April and later declined to $0.13.
In June, a similar thing happened as the price fell to $0.10 after its failed attempt to surpass this point. Now that DOGE has moved above that point, there is a high chance that it could continue to climb.
Further, the demand zone at $0.10 seems to have become a notable support that could prevent Dogecoin from a notable decline. Besides that, the Awesome Oscillator (AO), which measures momentum, is in the positive region, suggesting that DOGE’s upward trend remains intact.
Given this current outlook, Dogecoin’s highest price this year is likely to rise to $0.23 before the year ends. However, if activity on Dogecoin’s network falls or demand wanes significantly, this forecast might not come to pass. Instead, DOGE might decline to $0.14.