#DOGE #br Dogecoin Falls Back Below XRP After Brief Surge #Altcoinseason2024

Dogecoin (DOGE) experienced a dramatic 25% price surge on Wednesday, reaching a monthly high of $0.211, amidst a broader cryptocurrency market rally. This surge allowed DOGE to briefly surpass Ripple's XRP in market capitalization, taking the seventh position.

However, profit-taking led to a quick reversal, with XRP reclaiming its position and DOGE falling back to $0.192 at press time, a 9% loss in the last 24 hours.

Factors contributing to the pullback:

Profit-taking: On-chain data reveals increased Dogecoin inflows to exchanges, confirming that traders are taking profits. According to IntotheBlock, DOGE's exchange netflow reached 852.46 million DOGE in the last 24 hours.Loss of buying pressure: With buying pressure diminishing, DOGE may retrace to $0.172. If this level fails to hold, it could confirm a continued downtrend, leading to a drop to $0.154.

Potential for recovery:

If DOGE reacts to the support at $0.172 and initiates an uptrend, it could break through the $0.193 resistance and aim to reclaim its yearly high of $0.228.

Further analysis:

Monitor trading volume: Analyzing trading volume alongside price action can provide insights into the strength of the current trend.Observe social sentiment: Sentiment analysis of social media and online forums can help gauge the overall market sentiment towards DOGE.External factors: Consider the overall crypto market sentiment and news related to memecoins, which can significantly impact DOGE's price.

Conclusion:

Dogecoin's recent surge and subsequent pullback highlight the volatility of memecoins. While the short-term outlook remains uncertain, DOGE's ability to hold the $0.172 support level will be crucial in determining its next move.

Note: This article was prepared based on data available up to November 8, 2024.

However, as always, do your own research (DYOR) and keep up with market trends. This article is not financial advice.