Dogecoin (DOGE), the leading Meme Coin coin, has seen a significant price increase over the past few days. Currently, it is trading at $0.28, recording an 88% price increase over the past seven days.
This strong uptrend has put DOGE ahead of Ripple’s XRP in terms of market capitalization. With increased buying pressure, this Meme Coin coin could continue its growth momentum. Here’s why.
Dogecoin Surpasses XRP
At its current value, Dogecoin is trading at its highest level since December 2021, up an impressive 25% in the past 24 hours. This rally pushed Dogecoin’s market capitalization above $42 billion, surpassing XRP’s $37 billion valuation.
On November 6, DOGE initially surpassed XRP in market capitalization. Donald Trump’s victory in the 2024 US election kicked off a double-digit rally in DOGE, rising 25% in a single session, reaching a monthly high of $0.211.
This surge temporarily allowed DOGE to take 7th place in the market rankings, surpassing Ripple’s XRP. However, when the profit-taking trend occurred, XRP quickly regained its position, pushing DOGE down.
With a resurgence in demand for Meme Coin coins, DOGE has once again reclaimed the 7th spot, pushing XRP down.
DOGE Is Ready For More
TinTucBitcoin’s review of the one-day DOGE/USD chart shows a high likelihood of a sustained rally. Readings from this Meme Coin coin’s Super Trend indicator support this positive outlook. As of the time of writing, the blue line of this indicator is below the price of DOGE.
The Super Trend indicator tracks the overall direction and strength of an asset’s price trend. It displays a blue line during uptrends and red during downtrends.
When below the asset’s price, as it is now with Meme Coin coin, the blue line signals an optimistic outlook, suggesting that Dogecoin’s price jump may have room to continue.
Furthermore, DOGE’s moving average convergence/divergence (MACD) indicator shows a significant bullish bias that it is currently enjoying. At press time, its MACD line (blue) is above its signal line (orange).
When the MACD line is above the signal line, this signals an uptrend, suggesting that momentum could continue to push the asset’s price higher.
DOGE Price Forecast: Risks From Profit Taking
Currently, DOGE is trading at $0.28, near the $0.31 resistance. Sustained demand for the Meme Coin coin could soon push it past this important hurdle. A successful breakout here would pave the way for Dogecoin’s price jump to $0.39 — the highest level seen in June 2021.
However, if profit-taking increases, Dogecoin could lose some of its recent gains and potentially drop to $0.19. Failure to establish support at this level could lead to a deeper decline, with DOGE falling to $0.09.