Dogecoin is trading at $0.3842, with a 24-hour trading volume surging by 35.34% to $36.67 billion. Despite a daily dip of 6.55%, its market cap remains strong at $56.39 billion, ranking it as the sixth-largest cryptocurrency. The global crypto market, however, has seen a 3.27% decline, reducing the total market cap to $2.9 trillion, alongside a 3.69% drop in 24-hour trading volume to $307.23 billion.
Over the past 24 hours, Dogecoin soared 51.94%, reaching an intraday high of $0.4198, its highest level in over three years. This rally has driven its year-to-date gains beyond 140%, bolstered by significant market events like Donald Trump’s election win and an unexpected Federal Reserve rate cut. These developments have intensified investor interest, pushing Dogecoin above XRP and USDC in market cap rankings.
In the last week, Dogecoin added $36.92 billion to its market cap, reflecting strong market sentiment. Notable transactions include 47 million and 60 million DOGE being moved from unknown wallets to Robinhood, potentially signaling increased interest from institutional players or large investors. Additionally, a dormant address containing 754,472 DOGE (valued at $292,448) was activated after over a decade of inactivity, drawing further attention.
Technical Outlook on Dogecoin
Dogecoin’s technical analysis highlights a bullish flag pattern on shorter timeframes, suggesting potential gains if the $0.35 support level holds. This pattern indicates an upside target around $0.56, implying a 45% increase. However, the Relative Strength Index (RSI) at 80.32 suggests the asset is in an overbought condition, which might lead to a short-term correction.
If DOGE surpasses the $0.56 resistance, it could trigger a larger rally as new investors enter the market. On the other hand, a drop below the $0.35 support might lead to temporary selling pressure and a potential pullback. Nonetheless, the combination of a bullish flag pattern and increasing trading volume points to a positive near-term outlook for Dogecoin.
