Dogecoin price hit three-year highs of $0.302 on Monday, extending the hot streak recorded on Sunday, when it registered a daily gain of 26.88 percent. With that, Dogecoin has gained more than 85 percent in the last week, building a strong upward momentum. Also, the meme coin has gained 211 percent year-to-date, more than double Bitcoin’s 92 percent.
According to data by CoinMarketCap, Dogecoin’s traded volume in the last 24 hours was up by 223 percent. A rise in an asset’s traded volume during a price uptrend typically signifies a likely continuation of a rally. Crypto traders are currently riding on the momentum created by Donald Trump’s election win, which they hope will bring greater freedom to the industry. In addition, Elon Musk’s strong support for Dogecoin and his key role in Trump’s election is central to the upbeat sentiment.
Dogecoin has also outperformed its meme coin rivals, cementing its status as the premier meme coin. PEPE, FLOKI, WIF and Book of Memes (BOME) had far-outperformed DOGE in the first half of the year. In addition, that was exacerbated by the phenomenon created by SunPump and FunPump. The two meme coin launch pads by Solana and Tron, provided hype-fueled meme coin price rises, which ultimately proved unsustainable. By reclaiming its position as the meme coin king, Dogecoin could potentially build traction to retest its all-time high price of $0.735 in the coming days.
Dogecoin price pivots at 0.288, and the buyers are likely to stay in control if the action stays above that level. The upward momentum will likely encounter the first resistance at 0.296. However, a stronger momentum is likely to break above that level and test 0.305.
On the other hand, the downside momentum will be more likely to prevail if the price breaks below 0.288. That could see the establishment of the first support at 0.281. However, if the sellers extend their control, it could break below that support to test 0.270.
This post was last modified on Nov 11, 2024, 10:42 GMT 10:42