“Altseason” social mentions have plummeted to extreme lows, a pattern that has previously signaled DOGE recoveries
Dogecoin experienced a significant price surge on Thursday, posting gains close to 15% during a 24-hour trading period. This upward movement occurred as the cryptocurrency market witnessed a broad-based recovery, with Bitcoin leading the charge above the $73,000 mark.
During the reporting period, DOGE was changing hands near the $0.102 mark. The popular meme coin successfully breached the psychologically important $0.10 threshold, which had previously served as a crucial support level.
Ethereum joined the rally, registering approximately 8% in gains during the same timeframe. The aggregate cryptocurrency market capitalization expanded by 6% over 24 hours, climbing to $2.49 trillion.
Among major digital assets, Dogecoin emerged as the standout performer throughout this market rebound. Its percentage gains surpassed those of both Bitcoin and Ethereum during the 24-hour measurement period.
DOGE’s trading volume hit $2.39 billion during this timeframe. This figure marks a substantial 78% surge in market activity when compared to the previous trading session.
The broader meme coin category participated in the upward trend. Notable gainers included PEPE, SHIB, BONK, and PUMP, all recording positive price action alongside DOGE. The combined meme coin market capitalization advanced to $35.2 billion, representing a 5% increase.
Market sentiment improved following significant macroeconomic developments. News surfaced indicating Iran’s Ministry of Intelligence expressed willingness to enter negotiations, potentially reducing geopolitical tensions involving the United States and Israel.
This development provided a boost to risk-oriented assets across the board. Cryptocurrency markets moved in tandem with traditional financial markets in response.
Bitcoin exchange-traded fund flows also contributed to the positive market atmosphere. Cumulative net inflows into Bitcoin spot ETFs totaled $225 million on March 3.
BlackRock’s IBIT ETF dominated inflows with roughly $322 million. Both Bitwise and Grayscale maintain SEC-approved investment products linked to Dogecoin.
Examining the four-hour timeframe, DOGE pushed past the $0.10 level with increasing bullish momentum. The Relative Strength Index advanced to approximately 70, indicating robust demand while approaching overbought territory.
The Chaikin Money Flow indicator continues trading in positive range. This metric points to ongoing capital accumulation in Dogecoin.
The immediate resistance barrier is located at $0.12, a level where price action has encountered obstacles previously. A decisive move above this threshold would clear the pathway toward $0.13.
Should purchasing momentum persist, market observers are targeting $0.15 as the next significant level. Conversely, inability to maintain support above $0.10 may trigger a retracement toward $0.095.
Santiment, a blockchain analytics platform, highlighted that social media discussion around “altseason” has declined to exceptionally low levels. Historical data shows comparable readings have frequently aligned with local price bottoms for Dogecoin.
The analytics firm cautioned that while this pattern has manifested previously, it should not be interpreted as a definitive trading indicator.
Prior to Thursday’s rally, DOGE was trading near $0.093 in the latest available data, showing a 1% decrease over the preceding seven-day period.
