Dogecoin (DOGE), the popular meme coin, has seen an impressive rally recently, jumping 88% in the last week. With a current trading price of $0.28, DOGE has outperformed Ripple’s XRP, moving ahead in market capitalization. Let’s explore what’s driving this surge and what could be next for Dogecoin.
Dogecoin Overtakes XRP in Market Cap
Dogecoin’s price has hit its highest level since December 2021, with a 25% increase in the past 24 hours alone. This recent surge boosted its market cap to over $42 billion, surpassing XRP’s $37 billion. On November 6, DOGE initially climbed above XRP, driven by market excitement following Donald Trump’s 2024 election win. The news caused a double-digit spike, pushing DOGE’s value up by 25% in a single session to reach a monthly high of $0.211.
While profit-taking briefly pushed DOGE back down, strong buying demand has helped it reclaim the seventh spot in market rankings, once again overtaking XRP.
Bullish Indicators Signal More Upside
Market analysts points to a continued rally for Dogecoin. The Super Trend indicator on the DOGE/USD daily chart shows a green line below the current price. This bullish signal suggests that the upward trend is still strong.
The Super Trend indicator helps gauge the strength and direction of an asset’s trend, turning green in an uptrend and red in a downtrend. With the green line below DOGE’s price, it indicates a positive outlook, hinting at further potential gains.
Moreover, the Moving Average Convergence/Divergence (MACD) indicator supports this bullish sentiment. The MACD line (blue) is currently above the signal line (orange), suggesting strong upward momentum for DOGE. This crossover often signals a bullish trend, implying that the meme coin may continue its climb.
Dogecoin Price Prediction: What’s Next?
Dogecoin is currently trading at $0.28, just below a key resistance level of $0.31. If demand remains strong, DOGE could break through this barrier, paving the way for a price increase to $0.39. This level was last seen in June 2021 and could signal a significant bullish move.
However, there are risks. If traders start taking profits, the price could dip, potentially falling back to $0.19. Failing to hold support at this level might lead to a further drop, with DOGE possibly heading towards $0.09.
