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Dogecoin, the top memecoin by market cap, has surged over 10% in the last 24 hours, part of a broader memecoin recovery, what’s the connection to Elon Musk? An 11-year-old memecoin, Dogecoin is one of the best-performing major digital assets this month and Doge is driving the crypto conversation thanks to this year’s memecoin phenomenon. Woof. Trading at $0.1262, DOGE hit its highest price since September 29, marking a 44% increase from its local low of $0.08888 on September 6. Source: Trading View Increased trading activity accompanied the price rise, with DOGE’s trading volume exceeding $1.8 billion on October 16—a 95% jump in 24 hours and 165% over the week. Its market capitalization reclaimed the $18 billion mark, maintaining its status as the largest memecoin, according to Brave New Coin data. DOGE also became the most traded memecoin on October 16, surpassing Pepe by over $600 million in volume. What’s driving this bullish momentum? Many traders expect Dogecoin to extend this rally, breaking its months-long downtrend. Analysts have pointed out that DOGE’s price recently broke above a 180-day descending trendline, suggesting that key resistance levels at $0.13 and $0.14 could be tested next. Adding fuel to the fire, technical indicators like the moving average convergence divergence (MACD) flashed bullish signals as the MACD line crossed above the signal line, indicating the market’s favor has shifted toward the upside. DOGE has also flipped key levels into support, including the 50-week and 100-week simple moving averages at $0.1196 and $0.097, respectively. This suggests that a further rise toward the March 18 high of $0.2286 could be on the cards. However, not all traders are convinced of a quick rebound. Futures markets show some skepticism, with over $587,000 in short positions at risk if DOGE reaches $0.130, where the 200-day simple moving average…

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Filed under: News - @ October 16, 2024 6:29 pm