Dogecoin Price Surges Amid Bullish Divergence and New User Interest

Dogecoin, the popular meme coin, has been making significant waves in the cryptocurrency market with several bullish indicators and notable developments. Recently, a hidden Bullish Divergence pattern was identified on the Dogecoin 4-hour Relative Strength Index (RSI) chart, suggesting a potential significant uptrend. This technical pattern, highlighted by crypto analyst Trader Tardigrade, indicates that despite the RSI showing declining momentum, the price of Dogecoin is maintaining strength, pointing to a higher potential for an uptrend continuation.

The Dogecoin price has seen a major bullish run, skyrocketing from above $0.1 to over $0.35 in just a few weeks. It has tested the $0.4 resistance level, a critical threshold that could trigger a significant rally. As of the latest updates, the price of Dogecoin is trading at around $0.38, marking a 165.19% surge over the past month. If the projected positive growth driven by the Hidden Bullish Divergence holds valid, Dogecoin could see an 84.2% price increase from its current value, potentially pushing it close to or even above its All-Time High (ATH) of $0.73 in May 2021.

In addition to the technical analysis, another crypto analyst, Steph, has maintained an optimistic outlook on Dogecoin, suggesting it could be gearing up for a new All-Time High this bull cycle. The analyst projects a bullish target between $1.4 and $1.8 for Dogecoin, which could be driven by factors such as Elon Musk’s influence through his proposed organization, the Department of Government Efficiency (D.O.G.E), and the upcoming inauguration of Donald Trump as the 47th United States President.

Furthermore, the cryptocurrency has seen a surge in new user interest, with over 307,000 new users buying Dogecoin in just 10 days as the Trump era begins. This increased interest comes despite a recent 12% dip from its 3-year peak of $0.43 recorded on November 12.

The broader cryptocurrency market also reflects positive sentiments, with Bitcoin hovering around $100,000 and other altcoins like XRP showing significant gains. However, the performance of Dogecoin and XRP does not always align, with XRP recently gaining 37% more than Dogecoin over the last two days. Crypto trader DonAlt has noted this divergence and suggested that Dogecoin’s price could follow the pattern shown by XRP in the near future.