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The Dogecoin price surged 28% in the last 24 hours to trade at $0.2922 as of 11:43 p.m. EST on trading volume that skyrocketed 197% to $17.54 billion.
This rally helped Dogecoin surpass both XRP and USDC by market capitalization to become the 6th-biggest crypto with a market cap of $41 billion.
The meme coin sector also saw a 17% surge, pushing its total market capitalization to $93 billion, with Dogecoin standing out as one of the top performers. Can the DOGE price rise to $1?
Dogecoin Price On A Sustained Bullish Rally
The recent Dogecoin price action shows a strong uptrend. This is evident from the parabolic rise in price over the last several days, with DOGE moving from below $0.15 to around $0.29, according to data from GeckoTerminal.
The current surge has been pushed by the Dogecoin price, which forms a cup and handle pattern, a factor that could still push the price even further.
DOGE price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs, with a golden cross formed within the $0.13 level, an indication of the sustained bullish rally.
Moreover, the Relative Strength Index (RSI) is at 87, which indicates extremely high buying momentum, suggesting that the asset may be overbought in the short term. Overbought conditions can lead to potential corrections or consolidations as buyers may begin to take profits.
However, in strong upward trends, RSI can remain overbought for extended periods. This indicates that while a pullback is possible, the momentum remains strongly bullish.
The Moving Average Convergence Divergence (MACD) blue line is above the orange signal line and moving further upward, signaling strong bullish momentum.
DOGE Price Prediction
According to DOGE/USD chart analysis, both the RSI and the MACD suggest that bulls are in control, though a potential cooling off could occur if the histogram starts to shrink. If the bullish trend continues, the Dogecoin price could still soar to the $0.35 resistance and eventually to $1.
If a pullback occurs, potential support levels to watch would be near the 50-day MA around $0.1416.
Meanwhile, investors looking for other meme coins with strong upside potential might turn to Crypto All-Stars (STARS), an innovative new ICO that has raised over $3.3 million.
According to ClayBro, a prominent crypto analyst on YouTube with over 130K subscribers, $STARS has the potential to soar 10X after its launch.
Crypto All-Stars Presale Secures Over $3.2 Million – Best Meme Coin to Buy Now?
Crypto All-Stars has created the breakthrough MemeVault smart contract to enable investors to stake popular meme coins on one platform for the first time, earning rewards in STARS tokens.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! 💰
This early success shows that investors see BIG potential here. 🚀
Could this be the next $PEPE? 👀
— web3telepath (@web3telepath) August 15, 2024
The meme coins that can be staked on Crypto All-Stars initially are Pepe Coin, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. More will be added in the coming months.
You can also earn passively through the project’s native staking mechanism, which offers a stunning 482% annual percentage yield (APY).
You can buy the token now for $0.0015556. The price will increase in about one day, so act fast to lock in the best deal.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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