Dogecoin's Bullish Surge Propels It to Top Six Cryptocurrencies

Dogecoin's price surged by 28% in the past 24 hours, reaching $0.2922 as of 11:43 p.m. EST. Trading volume also skyrocketed by 197% to $17.54 billion.

This rally pushed Dogecoin past XRP and USDC in market capitalization, making it the sixth-largest cryptocurrency with a value of $41 billion.

Sustained Bullish Rally for Dogecoin

Dogecoin's recent price action exhibits a strong uptrend, marked by a parabolic rise from below $0.15 to around $0.29.

Technical indicators support the bullish momentum:

• A "cup and handle" pattern suggests further price appreciation.
• The 50-day and 200-day Simple Moving Averages (SMAs) are both below the current price, indicating a sustained rally.
• The Relative Strength Index (RSI) of 87 suggests extremely high buying momentum, although overbought conditions may lead to short-term corrections.
• The Moving Average Convergence Divergence (MACD) is bullish, with the blue line above the orange signal line.

DOGE Price Prediction

Technical analysis indicates that bulls are in control, potentially pushing Dogecoin's price to $0.35 and eventually $1.

However, a potential pullback may find support near the 50-day MA at $0.1416.