Dogecoin Surges 97% in 7 Days, Now Sixth in Market Value Amid Musk's Influence.
High Trading Volume Drives Dogecoin's Price, Peaking at $0.323 with 20.5% Daily Growth.
MACD Bullish Crossover & RSI Overbought Indicate Strong but Cautious Investor Sentiment.
Dogecoin (DOGE) has skyrocketed 33% in the past 24 hours and 97% over the last seven days, propelling its market capitalization past USD Coin (USDC) to secure sixth place in overall market value.
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The price of DOGE has reached $0.323 as of November 11, marking a significant 20.48% increase within the day. The current trading volume in the past 24 hours has surged by 45.02%, totaling $18.79 billion.
These figures highlight a growing investor interest and increased trading activity, which may be partially related to recent political connections, including Elon Musk's public support for former President Donald Trump and Musk's announcement of a new department named "D.O.G.E."
The price surge is underpinned by a substantial increase in Dogecoin’s market cap, which now stands at $47.40 billion, reflecting a 20.50% growth. The trading volume over the past day indicates heightened investor activity, with a strong upward trend in price throughout the day.
Early in the morning, Dogecoin briefly fell to a low of $0.2676 before initiating a steady climb that saw the price peaking at around $0.3237 later in the day.
Source: CoinMarketCap
This steady momentum suggests positive sentiment among investors, with DOGE maintaining a general upward trajectory despite minor fluctuations.
Dogecoin’s total supply is currently in circulation, while its maximum supply remains unrestricted, a feature that can contribute to periodic shifts in the coin’s demand dynamics. Technical indicators on the price chart reveal a robust bullish trend, as the MACD shows a bullish crossover.
This occurs when the MACD line crosses above the signal line, often signaling sustained upward momentum. Another key indicator, the RSI, has entered the overbought territory, currently at 70.86, suggesting that DOGE may be temporarily overvalued.
Source: TradingView
Since early November, Dogecoin has displayed strong bullish activity after a prolonged consolidation period. This recent uptick is supported by a consistent increase in trading volume, which often signals market confidence and reduces the risk of sharp price reversals.
