Can DOGE Hit $1 If Bitcoin Reaches $100K?

• DOGE trades at $0.39 after a modest gain of 2.23% in the last 24 hours.
• The meme coin has observed a 24-hour liquidation of $11.32 million.

With Bitcoin (BTC) mounted above $99.5K, leading traders to label November as “Moonvember.” Extreme greed dominates the cryptocurrency market, as the Fear and Greed Index is settled at a high of 88. Notably, the meme coin market cap has reached $125 billion with a 4.7% spike in the last 24 hours.

The leading meme coin, Dogecoin (DOGE), has been trending sideways over the past 24 hours. A potential breakout above the crucial resistance could initiate an uptrend. DOGE recorded a modest gain of 2.23% over the past 24 hours. 

At the time of writing, the meme coin trades at $0.39, with its daily trading volume resting at $8.68 billion. In the morning hours, DOGE has plunged to a low of $0.3783. Eventually, it climbed to the current trading level.

Furthermore, the market observed a liquidation of $11.32 million worth of DOGE during this timeframe, noting the daily trading volume of the asset at $8.68 billion.

An on-chain analyst recently noted that the Dogecoin whales accumulated 550 million DOGE, amounting to $214.5 million, over the past seven days. This surge in whale activity has sparked concerns regarding the price movements of DOGE.

Where Is DOGE’s Price Headed?

The four-hour price chart of DOGE shows a brief upward momentum. If the bullish momentum builds, the asset could drive its price toward new highs. The asset could breach and hold above the $0.43 barrier. Reinforcing the momentum would likely push the meme coin toward the $0.50 mark. 

On the flip side, the meme coin’s failure to hold the $0.35 support level could lead to a steeper correction. A potential break below that mark could push the price of DOGE to the $0.30 mark. 

DOGE’s ongoing market sentiment is in the neutral zone, with the daily relative strength index (RSI) found at 57.31. Besides, the daily frame of the meme coin displays the short-term 9-day moving average above the long-term 21-day moving average.

In addition, the technical indicators of the meme coin exhibit the current brief bullish momentum. The Moving Average Convergence Divergence (MACD) line is likely positioned above the signal line. This indicates an upcoming uptrend in the market.

Moreover, the Chaikin Money Flow (CMF) indicator is settled at -0.09, suggesting a negative money flow. In the meantime, DOGE’s daily trading volume has moderately spiked by 3.35%.

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