Dogecoin Climbs Uphill as DOGE Reaches 5 Million Wallet Addresses

Dogecoin the King memecoin is again in the headlines after Musk Tweets his favourite cryptocurrency in a while.

As regulatory uncertainty swirls around the crypto industry, Dogecoin, the meme coin that began as a joke, shows a starkly different story, exhibiting obvious endurance. The community-driven cryptocurrency has already crossed the astonishing milestone of five million wallet addresses, obviously undeterred by the industry's simmering legal conflicts.

Over the last six months, the price of Dogecoin (DOGE) has been trading within a narrow range, with seasonal fluctuations as volatility rose. The king of meme coins could be on his way to completing the next bounce cycle with this accumulation pattern.

Dogecoin Prevails Amid Regulatory Scrutiny

As regulators scrutinise the industry and legal issues persist, Dogecoin's rise demonstrates cryptocurrencies' ability to grow and develop enthusiastic communities in the face of adversity.

Dogecoin's story is an encouraging one for cryptocurrency fans, demonstrating the strength of a dedicated community and a shared sense of purpose. Dogecoin has evolved into a formidable contender since its creation in 2013, carving its own way in the volatile digital asset world.

This accomplishment is especially noteworthy given the influx of countless other meme-inspired tokens vying for market share. Nonetheless, Dogecoin continues to rise, demonstrating a strong community that is committed to the original meme coin.

Bitcoin (BTC) and dogecoin (DOGE) surged 5% in the last 24 hours leading to large increases, while the total crypto market value increased by 3.3% to $1.12 trillion.
The rebound helped traders recover from a record liquidation event on Monday when more than $293 million in token-tracked futures instruments were liquidated.

Dogecoin Price Analysis

Dogecoin (DOGE) is currently trading at $0.068307 with a 24-hour trading volume of $271,092,792. This reflects a 1.30% gain in the last 24 hours and a -4.83% decrease in the last seven days. Dogecoin has a market valuation of $9,547,628,738 with a circulating supply of 140 billion DOGE.

Dogecoin (DOGE) has been trading in a consistent market range between $0.107 and $0.057, with DOGE fluctuating between supplier congestion zones. If history is a reasonable predictor of character, the king of meme cons could be prepared for a rally north, with a lower-end rise of approximately 30%.

The bullish forecast comes as the $0.065 macro-support level has been tested for the third time in 2023 and the sixth time in the last eight months. Since November, every time the Dogecoin price has neared this buyer congestion zone, DOGE has been rejected at least 30% north, resulting in the predicted rise.

The Relative Strength Index (RSI)'s current upward trend backs up the argument. This can be observed in the RSI, which has recently rejected the downside, indicating that more bulls or buyers are taking the stage. The RSI position within the 30-range provided credence to this assumption, indicating that DOGE was about to be overbought. 

Source: TradingView

Conclusion

In conclusion, The current heated climate in the broader crypto market may postpone the rebound, allowing bears to push Dogecoin below the immediate support level of $0.065. While this breakdown would threaten the bullish view, it would only be invalidated if DOGE closed decisively below the market range's bottom border at $0.057.