The post Will Dogecoin (DOGE) Displace XRP As Price Retains 31% WTD Growth? appeared on BitcoinEthereumNews.com.

The positive sentiment exhibited by canine-themed memecoin Dogecoin (DOGE) has raised questions in the minds of many. One of these questions is whether DOGE will displace Ripple-associated XRP. Dogecoin in the Ongoing Bull Market Cycle According to market data, DOGE’s price was trading at $0.2161 at the time of writing. This recent price level marks a 5.6% increase in 24 hours and a weekly surge of 30.11%. While there is a broader crypto market rebound, market analysts have commended the growth registered by DOGE in this short time. The coin has faced stiff resistance in the last couple of days. – Advertisement – Very briefly, the coin showed strong buying pressure, rising by up to 27% daily. Still, analysts suspected that the rally could trigger a short-term reversal. Also, the Bollinger Bands on the daily chart showed that DOGE has experienced high volatility recently. The current price action suggests that the tides have changed in favor of Dogecoin. Several events surrounding the coin have raised suspicions of a potential golden cross in the short term. This bullish indicator occurs when the 50-day moving average exceeds the 200-day moving average. Though quite rare, such technical setups usually indicate a bullish move. – Advertisement – Many analysts, including MikybullCrypto, believe that the volume of whale transactions and a jump in active addresses of 128% since August are pointers to the Golden Cross. Dogecoin has been on the receiving end of these factors in recent times. Factors Fueling DOGE Price Surge For now, a couple of events fuel the growing market surge in DOGE price. In the recently conducted United States election, Republican Presidential Candidate Donald Trump won his biggest opponent, Vice President Kamala Harris, by a reasonable percentage. The news has brought some excitement and rebound to the broader crypto industry. More…

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Filed under: News - @ November 10, 2024 9:26 pm