In the past 24 hours, Dogecoin’s price has experienced an uptrend. As a result, the trading price of Dogecoin (DOGE) has recorded a significant surge.
Dogecoin’s Price Surge
The data from CoinGecko shows that the trading price of the largest meme coin experienced a huge push in the past 24 hours. The trading value of DOGE recorded a 10% surge in the past 24 hours.
Following the surge, the trading price of DOGE has moved all the way up to $0.068 per DOGE.
In a 24-hour window, the bulls demonstrated a great ambition for acquiring DOGE. The bulls continued increasing their pressure to buy as many DOGE as possible, leading to a significant surge.
Even now, the trading price of DOGE is hovering in the bullish zone. However, DOGE bears are also exerting their selling pressure to pull their price lower.
According to the analysts, if DOGE bulls are able to sustain the pressure coming in from the selling power of the bears, then its price will observe a significant breakthrough.
In that case, the trading price of DOGE may record significant gains and its price may continue rising in the upcoming weeks as well as months.
DOGE Trading Volume Surged Significantly
The trading volume for DOGE has also risen significantly in the past 24 hours. As the trading volume for DOGE is moving higher, it is a strong indication that DOGE is currently moving in the bullish zone.
At the time of writing, the 24-hour trading volume recorded for DOGE is worth $960 million. The market valuation for DOGE currently stands at $8.7 billion.
With a high valuation, DOGE currently ranks as the 10th largest cryptocurrency and the top cryptocurrency in the market.
Sharp Decline Recorded for DOGE
In general, the running year has proven to be a tragedy for Dogecoin. The meme coin has continued moving in the lower direction and its decline has proven to be very steep.
The constant dipping has managed to erase all the surges and gains Dogecoin has generated since the beginning of 2022.
A look at the data shows that compared to its all-time high, DOGE’s price has recorded a 90% drop. It was in the month of May 2021 when DOGE had hit an all-time high and it was mainly thanks to the support and tweets made by Elon Musk.
Future Price Movement of DOGE
Despite the overall market downtrend, DOGE’s RSI has managed to enter the positive (bullish) territory, as it currently stands at 53.
The RSI being in the bullish zone means the investors will have higher confidence in investing in DOGE.
Other Meme Coins to Follow the Trend
Other meme coins that the investors want to see experience significant rises in their value are Tamadoge and Shiba Inu.
Tamadoge will soon be debuting through the OKX exchange on September 27. As for Shiba Inu, the meme coin’s exploration in the blockchain and NFT sector is going to help it grow significantly in value.