Leading meme coin Dogecoin (DOGE) has experienced a remarkable price surge in the past few days. It currently trades at $0.28, recording an 88% price uptick in the past seven days.
This significant uptrend has propelled DOGE ahead of Ripple’s XRP in terms of market capitalization. With strengthening buying pressure, the meme coin is poised to extend its gains. Here is why.
Dogecoin Overtakes XRP
At its current value, Dogecoin trades at its highest price since December 2021, surging an impressive 25% in the past 24 hours. This rally has pushed its market capitalization above $42 billion, surpassing XRP’s $37 billion valuation.
On November 6, DOGE initially surpassed XRP in market capitalization. Donald Trump’s victory in the 2024 US elections triggered a double-digit spike in DOGE’s value as it soared by 25% in a single session, reaching a monthly high of $0.211.
This rally briefly allowed DOGE to claim the seventh spot in market rankings, overtaking Ripple’s XRP. However, as profit-taking took hold, XRP quickly regained its position, pushing DOGE back down the ranks.
With renewed demand for the meme coin, DOGE has once again reclaimed the seventh spot, pushing XRP down below it.
DOGE Is Ready For More
BeInCrypto’s assessment of the DOGE/USD one-day chart suggests a likely sustained rally. Readings from the meme coin’s Super Trend indicator support this bullish outlook. As of this writing, the green line of this indicator rests below DOGE’s price.
The Super Trend indicator tracks the overall direction and strength of an asset’s price trend. It shows a green line during uptrends and red during downtrends.
When positioned below the asset’s price, as it is now for the meme coin, the green line signals a bullish outlook, hinting that the Dogecoin price jump may have more room to continue.
Additionally, DOGE’s moving average convergence/divergence (MACD) indicates the significant bullish bias that it currently enjoys. At press time, its MACD line (blue) rests above its signal line (orange).
When the MACD line is above the signal line, it indicates a bullish trend, suggesting that momentum may continue to push the asset’s price higher.
DOGE Price Prediction: Profit-Taking Poses Risks
DOGE is currently trading at $0.28, just shy of the $0.31 resistance level. Sustained demand for the meme coin could soon push it past this crucial barrier. A successful breakthrough here would pave the way for a Dogecoin price jump to $0.39 — a high last seen in June 2021.
However, if profit-taking increases, Dogecoin could lose some of its recent gains and potentially drop to $0.19. Failure to establish support at this level may lead to a deeper decline, with DOGE falling toward $0.09.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Abiodun Oladokun
https://beincrypto.com/dogecoin-jumps-to-three-year-peak/
2024-11-11 11:00:00
