Analyzing Dogecoin’s key price levels, trading volume, market position, and historical returns provides insights into price action drivers. The data shows Dogecoin gaining upward momentum after finding support at $0.06, but facing resistance around $0.075.

Dogecoin Builds Momentum After Support Bounce

Dogecoin has traded around $0.07 recently, down 1.1% in the past 24 hours but up a strong 8.8% over the past week. This aligns with broader altcoin momentum as total crypto market capitalization increased.

Notably, Dogecoin bounced off clear support around $0.06 highlighted by the 7 day low of $0.064216. This level halted the previous decline, indicating buyer conviction. Bulls still need to push above overhead resistance around $0.075 next to sustain the uptrend.

Key Resistance Zone Around $0.075

Dogecoin hit resistance around $0.075 last week marked by the 7 day high of $0.074388. The price failed to break out above this zone, signaling seller congestion limiting immediate upside potential.

However, sustaining trading volume could propel Dogecoin through this barrier. Once $0.075 resistance gives way, Dogecoin may target the next threshold around $0.10. Bulls ultimately aim to retest Dogecoin’s all-time high of $0.73 hit in May 2021.

Trading Volume Points to Building Interest

Higher trading volumes often precede price breakouts as investor interest increases. Dogecoin’s 24 hour trading volume exceeded $430 million as of writing. The volume-to-market cap ratio came in at 0.0409, showing moderately high activity.

Additionally, Dogecoin’s 30 day return reached 13.2% compared to just 1.1% over 24 hours. This signals conviction is building among buyers, driving sustained gains over the past month. Periodic pullbacks provide buying opportunities within the broader uptrend.

Dogecoin Could Benefit from Altcoin Resurgence

Zooming out further provides clues about Dogecoin’s future trajectory. Gaining over 80,000% from its 2015 low of $0.00008690, Dogecoin benefited tremendously from previous bullish cycles, despite its original meme roots.

If Bitcoin continues appreciating as digital assets gain mainstream traction again, another altcoin boom phase could arise. Meme tokens like Dogecoin historically outperformed in these frenzied environments. The data suggests such a scenario would provide tailwinds for Dogecoin if key resistances are broken first.

Conclusion: Momentum Builds Above Support

The data shows Dogecoin gaining momentum after holding $0.06 support, but still facing overhead resistance around $0.075. Sustained trading volume and broader altcoin strength would make a breakout more likely.

Longer-term trajectory depends significantly on whether the crypto market has truly entered a new bullish cycle. If so, Dogecoin looks well-positioned to massively outperform thanks to its brand recognition and legacy following. The key data metrics indicate the Doge is starting to bark louder once more.

Will Dogecoin reach $1 in 2023?

Dogecoin reaching $1 depends on clearing successive milestones like the current ~$0.075 resistance and psychological $0.10 barrier. Given Dogecoin’s past parabolic rallies when conditions align, the possibility exists amid resurging altcoins. But the data does not guarantee a new all-time high. If buying volume accelerates, Dogecoin could conceivably triple from the current price. But sustaining such gains requires broad crypto adoption tailwinds rather than just speculation. The odds look favorable but Dogecoin needs to build on recent momentum.

Is Dogecoin a smart long-term investment?

While often considered a meme coin, Dogecoin now ranks among the top 10 cryptocurrencies by market capitalization. Its longevity and liquidity make DOGE a relatively low-risk way to gain altcoin exposure compared to lesser-known tokens. Data shows DOGE with significant room to capture greater network value. However, DOGE lacks the development and institutional interest of larger rivals. The brand recognition carries weight, but fundamentals remain questionable. Speculators may profit from rallies, but long-term investors should watch for strengthening foundations.