Dogecoin Surges 15% as Bitcoin Nears $90,000

Dogecoin, a memecoin secured via the proof-of-work consensus method, has shown signs of a potential rebound, with its price increasing by over 15% since March 11 to trade at approximately $0.1721. This movement is closely tied to Bitcoin's price, which is signaling a potential rebound beyond $90,000. The crypto market is expected to benefit from easing yields in the U.S. bond market and the ongoing bull rally for gold, further supporting Dogecoin's price.

Technical analysis indicates that Dogecoin's price has been forming a macro rising trend, characterized by higher highs and higher lows. After a notable decline, Dogecoin's price has been retesting the lower border of a rising channel. In the daily time frame, Dogecoin's price has been forming an ascending triangle, suggesting a potential 15-20% spike in the coming days if it consistently closes above the resistant level around $0.178. However, a consistent close below $0.16 could trigger further sell-off towards the next target of about $0.14.

From a fundamental perspective, Dogecoin has evolved into a vibrant ecosystem backed by institutional investors and global merchants. The network has approximately 6.2 million on-chain holders, with a significant spike in whale activities recorded in the past week. Investors with account balances between 1 million and 10 million coins added around 110 million coins, bringing their total holdings to about 10.44 billion. Additionally, the number of active addresses on the Dogecoin network has doubled in recent weeks to about 280,000.

The correlation between Dogecoin and Bitcoin has been a notable trend, with Bitcoin's price movements historically influencing Dogecoin's value. As Bitcoin approaches key resistance levels, such as $90,000, any significant movement could have a ripple effect on the broader crypto market, including Dogecoin. The potential for Dogecoin to surge by 20% is based on overall market sentiment and historical price movements. However, the cryptocurrency market's volatility requires investors to exercise caution and conduct thorough research before making any investment decisions.