Price: $0.38692 -0.1468%
Market Cap: 56.79B 1.9039%
Volume (24h): 24.81B 0.4%
Dominance: 1.9039%
Price: $0.38692 -0.1468%
Market Cap: 56.79B 1.9039%
Volume (24h): 24.81B 0.4%
Dominance: 1.9039% 1.9039%
  • Price: $0.38692 -0.1468%
  • Market Cap: 56.79B 1.9039%
  • Volume (24h): 24.81B 0.4%
  • Dominance: 1.9039% 1.9039%
  • Price: $0.38692 -0.1468%
Home > Information news > Are DOGE Traders Set to Ride a Prolonged Rally?

Are DOGE Traders Set to Ride a Prolonged Rally?

Release: 2024/11/11 18:53 Reading: 348

Original author:TheNewsCrypto

Original source:https://coinmarketcap.com/community/articles/6731d57c162ee00f3661fb40

Dogecoin Surges 25%, Reaching Multi-Year High

Dogecoin (DOGE), the prominent memecoin, has witnessed a remarkable surge of 25% within 24 hours, propelled by robust market momentum. As Bitcoin surpasses $81,000, analysts are dubbing November "Moonvember," coinciding with a high market greed index of 79.

Dogecoin's trading volume has also experienced an exceptional 188% increase, indicating renewed interest from retail investors and "whales" (major holders) who have been actively accumulating DOGE.

According to data from Santiment, whale wallets holding between 100 million and 1 billion DOGE have significantly increased their holdings, from 2.68 million to over 30.56 million DOGE in a short timeframe. This accumulation pattern typically signals market bottoms, suggesting that Dogecoin may be poised for further gains.

Additionally, Dogecoin recently surpassed a crucial resistance level of $0.223, a threshold not seen since March 2024, and achieved a three-year high of $0.30294. Over the past week, DOGE has climbed by an impressive 85%, marking one of its most significant rallies since 2021.

Technical analysis indicates that Dogecoin is trading above its 200-day Exponential Moving Average (EMA) on the daily chart, a bullish indicator that highlights sustained upward momentum. Analysts predict that if DOGE successfully closes above the resistance level of $0.289, it could surge an additional 50%, attaining $0.38 in the near term. Coupled with the current bullish sentiment, this positions Dogecoin for a continued rally, provided it maintains above this key support level.

As of the latest update, Dogecoin is trading around $0.2782, with 86% of community sentiment being positive in the past day. The daily RSI is at 86, indicating an overbought condition.

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