Dogecoin Price Breaks $0.1 Barrier on 10th Anniversary, Gaining Over 15% in 24 Hours
Crypto News – As Dogecoin celebrates its 10th anniversary on December 6, the cryptocurrency world witnessed an exciting milestone. Dogecoin, often dubbed the number one meme coin, marked a decade since its inception in 2013. To commemorate this special occasion, the Dogecoin community orchestrated a virtual party event.
Amid the festivities, Dogecoin experienced a remarkable surge in value, breaking through the long-standing resistance level of $0.08 and heading towards the $0.12 mark. At the time of reporting, Dogecoin was trading at $0.10, boasting a 24-hour trading volume of $2.4 billion. This surge represented a substantial 15.53% increase over the past 24 hours and an impressive 25.85% rise over the past seven days.
Dogecoin Price Aims for a 10% Gain
Traditionally, Dogecoin prices have tended to decline between December 6 and 7. However, the current scenario differs significantly. The cryptocurrency market is currently driven by a remarkable surge in Bitcoin’s value, which is lifting other altcoins in the midst of a bull market.
Social trends play a crucial role in determining Dogecoin’s prices, and the increasing social buzz around Dogecoin suggests that more people might enter the market with the aim of making a profit.
Dogecoin (DOGE) recently broke free from a rising megaphone chart pattern, shattering the significant $0.1 resistance level after an eight-month hiatus. The previous resistance at $0.08 has now transformed into a support level, and it witnessed substantial trading volume, surpassing that of many other altcoins. Notably, the 50-day moving average sits at $0.06, significantly below the current trading price.
The 14-day Relative Strength Index (RSI) at 79 indicates an overbought condition, hinting at a potential impending correction. The current surge, driven by events surrounding the 10th anniversary, might lead to a subsequent downturn as its impact gradually fades. This could attract short sellers to enter the market, exerting selling pressure that might potentially drive the price below $0.09.
DOGE Network Activity Soars
In the fourth quarter of 2023, Dogecoin continues to maintain its dominance in the mega-cap meme coin sector, leading in month-on-month price performance. The surge in daily transactions for DOGE has emerged as a key catalyst for its recent price upswing, according to on-chain data provided by IntoTheBlock.
Despite initial concerns of an imminent price correction due to a sharp reduction in DOGE transactions, dropping from 1.7 million to 525,830 between November 28 and December 2, the Dogecoin network has made a remarkable comeback amidst the broader crypto market rally this week.
After briefly dipping to 525,830 on December 2, DOGE transactions have surged by nearly 300%, surpassing the 1.46 million mark on December 4. This increased activity underscores Dogecoin’s resilience and its ability to rebound in response to shifting market dynamics.
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