The Dogecoin price has increased by 7% over the last 24 hours to trade above $0.08 as of 4:00 a.m. EST.
DOGE, which has increased 12% in one week and 39% over the last 30 days, currently has a market cap of $11.7 billion. This is accompanied by a 200% increase in trading volume over the last 24 hours which currently stands at $1.87 billion, according to data from CoinMarketCap.
During the early Asian trading sessions, Dogecoin’s 24-hour trading volume spiked to $2 billion, indicating investor interest in the popular meme coin. Due to this, DOGE is the only crypto among the top 10 digital currencies by market capitalization flashing green as the rest turn down.
Top Cryptos Nov
Dogecoin’s increased trading activity has been attributed to increasing enthusiasm within the DOGE community surrounding Astrobotic’s upcoming launch of a physical Dogecoin token to the moon in December.
This event has generated significant interest among cryptocurrency enthusiasts, playing a role in the increased movements of Dogecoin across various wallets and exchanges.
How is this likely to impact Dogecoin’s price in the near term? Let’s find out.
Can Dogecoin Price Scale to $0.1?
DOGE embarked on an uptrend on Oct.13, rising more than 44% to the current level above $0.08. This rally saw Shiba Inu’s archrival flip key levels back to support including the 50-day, 100-day and 200-day Exponential Moving Averages (EMA) as well as the stubborn demand zone stretching from $0.0732 and $0.076.
These buyer congestion zones offer areas of strong support on the downside and could provide the hindwings required to scale the dog-themed crypto higher.
As such, the altcoin could climb from the current level first toward $0.085 and later to the $0.09 psychological level. Above that, the next logical move for the bulls would be a return to $0.1, levels last seen in early April. This would represent a 21% increase from the current price.
DOGE/USD Daily Chart
This positive outlook was supported by the up-facing moving averages. Note that these trend-following chart overlay indicators were about to send a call to buy Dogecoin on the daily chart. This could take place over the next few days when the 50-day EMA crosses above the 200-day EMA, constituting a “golden cross”. Once this happens, DOGE’s uptrend would be bolstered toward $0.1.
Dogecoin’s bullish narrative was also accentuated by the steep rising Relative Strength Index (RSI). Its value at 68 close to the overbought region suggested that the uptrend was strong. DOGE’s upside will gain more traction once the RSI crosses the 70 line into the overbought territory.
Conversely, the near overbought conditions displayed by the RSI suggested that DOGE’s upside could soon run out of steam, causing a downward correction.
In such a scenario, the price could drop toward the $0.080 psychological level. Further lower, Dogecoin could find solace from the $0.0.76 to $0.0732 demand zone. Lower than that, the EMAs between $0.069 and $0.067 could provide a safe haven for the crypto. This is where DOGE’s downside could be capped in the short term.
The post Dogecoin Price Prediction: DOGE Soars 7% to $0.08 as $2B Trading Volume Comes In appeared first on Analytics Insight.
Source: https://www.analyticsinsight.net/dogecoin-price-prediction-doge-soars-7-to-0-08-as-2b-trading-volume-comes-in/