Dogecoin (DOGE), the leading meme coin, has recently experienced a strong price surge, attracting the attention of retail and institutional investors. Doge is currently trading at $0.31 and has nearly doubled in price with a 99.2% increase over the past seven days, raising its market capitalization to over $42 billion and surpassing Ripple's XRP.
This impressive performance is driven by several factors, from Donald Trump's recent election victory to rumors of Elon Musk's involvement with the government.
These developments have reignited interest in Dogecoin, making it the meme coin of the moment.
But while DOGE continues to soar, there is another emerging project that is also attracting similar attention with tremendous growth potential.
Dogecoin's market position: Does DOGE continue its price increase?
The recent price surge has pushed DOGE's price to its highest level since December 2021, and market analysts have pointed out bullish indicators across various charts.
A prominent indicator, Super Trend, shows DOGE's price rising sharply above the green line, signaling a continuous upward trend.
Adding to the upward pressure, the moving average convergence/divergence (MACD) indicates an upward trend as DOGE's MACD line far exceeds its signal line, suggesting further growth potential.
In the futures market, the open interest of DOGE has also surged. According to CoinGlass, open interest has increased by over 20% in 24 hours, totaling $2.4 billion, reflecting increased confidence among traders.
Binance leads in this metric, with a holding value of $889 million, closely followed by Bybit and OKX.
This high liquidity signals that DOGE is attracting both short-term and long-term traders looking to capitalize on the recent frenzy and avoid potential volatility risks.
The current performance of Dogecoin is also influenced by the overall movement of the cryptocurrency market.
Bitcoin, the coin that recently reached a new all-time high of $88,000, is helping to support meme coins like DOGE.
Analysts note that DOGE's trading volume has spiked, surging 189% to nearly $19 billion, indicating strong interest from investors.
Currently, DOGE faces a resistance level of $0.31, and if it breaks through here, the price could rise to $0.39, a level not seen since mid-2021.
However, profit-taking could pose some risks. If DOGE faces selling pressure, it may drop to a support level around $0.19, with the possibility of falling further to $0.09 if bearish sentiment prevails.
Nevertheless, the high open interest and ongoing market activity suggest that the popularity of this token may continue, making it a favorite choice among meme coin enthusiasts.
