- Dogecoin surged 10.04%, reaching $0.4835, with a market cap of $68.66B.
- The RSI stands at 70.20, nearing overbought levels, signaling potential resistance.
Dogecoin (DOGE) surged 10.04% in the past 24 hours, reaching $0.4835. The rally boosted its market cap by 6.07% to $68.66 billion, maintaining a strong position in the crypto market. Trading volume skyrocketed 69.04% to $10.36 billion, reflecting increased investor interest.
With a circulating supply of 147.11 billion DOGE, the Market Cap ratio stands at 15.34%, signaling high activity. The global crypto market cap increased by 0.40% to $3.68 trillion, with Bitcoin reclaiming the $100,000 mark, contributing to bullish sentiment.
Technical Indicators and Market Levels
On the daily chart, DOGE shows bullish momentum supported by key indicators. The Moving Average (MA) crossover (9-day MA at $0.43396 and 21-day MA at $0.41493) indicates upward price strength. This bullish crossover often predicts continued upward momentum.
The Relative Strength Index (RSI) stands at 70.20, while the RSI average is 67.25, nearing overbought levels. This suggests potential price resistance but emphasizes strong buying pressure.
DOGE faces immediate resistance at $0.48434. Breaking above this level could push the price toward $0.50. Support lies at $0.44943. If the price falls below, it may retest $0.41493, aligning with the 21-day MA.
The sustained price above moving averages confirms bullish control. If RSI crosses 70 consistently, DOGE might face consolidation or minor pullbacks before further gains. The trading volume surge and market cap ratio reflect robust investor sentiment.
DOGE’s trajectory remains tied to broader market movements. Bitcoin’s rise above $100,000 has positively impacted DOGE, bolstering market confidence.
Highlighted Crypto News Today
Bitcoin (BTC) Reclaims $100K as Bulls Take Charge
Source: https://thenewscrypto.com/dogecoin-doge-price-rally-strengthens-with-10-surge/