With Rising Pro-Crypto Sentiment in the U.S., Dogecoin's Price Has Surged Over 42% on Its Year-to-Date Chart

With rising pro-crypto sentiment in the U.S., Dogecoin's price has surged over 42% on its year-to-date chart.

The price of Dogecoin has risen by over 42% since the beginning of the year as pro-crypto sentiment in the U.S. continues to rise. The meme coin has also seen a month-over-month increase in network activity of 47%.

As we touched upon in a previous article, the year-to-date price chart of Dogecoin (CRYPTO: DOGE) shows that the meme coin has fallen to lows of $0.13 earlier this year as it breached the support at $0.14.

From these lows, Dogecoin's price has recovered to highs of $0.24, which is also the current price of Dogecoin.

At a price of $0.24, Dogecoin is now on track to break out past the $0.25 resistance zone now that the $0.22 area has been flipped from resistance to support.

With this newfound upward momentum, Dogecoin's price is also eyeing the $0.27 level, which aligns with the Fibonacci Retracement zone of 0.5.

Dogecoin price analysis: Buying interest remains high despite recent price action

At a closer look, Dogecoin's price has seen buyers, on some days, fetch over $36 million in 24 hours, with reports showing that there is more interest from both retail and institutional buyers in Dogecoin.

After falling to lows of $0.13 earlier this year, Dogecoin's price has surged by 45% over the last month.

The table below shows the bi-weekly price activity of Dogecoin over the last six months:

| Time Period | Beginning Price | Ending Price | Price Change |

|---|---|---|---|

| 2023-07-07 00:00:00 | $0.20 | $0.13 | -0.07

| 2023-06-21 00:00:00 | $0.18 | $0.20 | +0.02

| 2023-06-07 00:00:00 | $0.13 | $0.18 | +0.05

| 2023-05-22 00:00:00 | $0.10 | $0.13 | +0.03

| 2023-05-07 00:00:00 | $0.08 | $0.10 | +0.02

| 2023-04-21 00:00:00 | $0.06 | $0.08 | +0.02

The chart below, from TradingView, shows the price action in more detail. As the chart shows, the price of Dogecoin broke out of a long-term falling wedge earlier this year. The apex of the wedge occurred at a high of $0.64 in March 2022. From this high, the price of Dogecoin fell sharply, reaching a low of $0.13 in March 2023.

The breakout from the wedge occurred at the same time as the price of Bitcoin broke out of a long-term bear market. This move was supported by a shift in tone from the U.S. Federal Reserve, as well as several other macroeconomic trends that favored the cryptocurrency market.

As the chart shows, the price of Dogecoin is now trading above the 0.382 Fibonacci level and is approaching the 0.5 Fibonacci level.

If the bulls can push the price of Dogecoin above the 0.5 Fibonacci level, then it is likely to continue rallying towards the 0.618 Fibonacci level, which is located at a price of $0.29.

However, if the bears manage to regain control and the price of Dogecoin breaks down below the 0.382 Fibonacci level, then it is likely to continue falling towards the 0.236 Fibonacci level, which is located at a price of $0.18.

The analysis indicates that the price of Dogecoin is heating up and could be set for a substantial move in the coming days or weeks.

The price of XRP is also showing signs of explosive activity despite spending several years battling legal cases with regulators.

As the chart shows, the price of XRP has risen by 15% over the last month. According to the analysis, the price of XRP could surge to highs of $20 if regulatory clarity is achieved by July.

The analysis also mentions that the price of XRP is currently consolidating above the $1.9 support. If the breakout in the price of XRP from the prolonged correction receives more support from the bulls, then we can expect to see an