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The Dogecoin price skyrocketed 47% in the last 24 hours to trade at $0.4087 as of 2.30 a.m. EST on trading volume that soared 48% to $26.53 billion.
The industry’s oldest meme coin has surged 146% in the last week, and its price is currently pushing hard against the resistance at $0.40.
Dogecoin saw a sharp rise from $0.168 to its current price in under seven days. The majority of this surge took place between November 10 and today, as Bitcoin kept pumping toward the $90k resistance, leading the market up as a post-election bull run ignited.
Dogecoin, currently the 6th-largest meme coin by market cap after flipping XRP, followed, with its price well on its way to reaching the old ATH from May 2021.
At the time, DOGE hit $0.7376, meaning that its price is still 44% below its ATH. In other words, while BTC is hitting new records with each new day following Trump’s election win, DOGE still has a way to go before it climbs to its own former record price.
Even so, the market is extremely bullish, and this November could result in many more records being broken
Dogecoin Price Prediction
After reaching the resistance at $0.40, the Dogecoin price made several attempts to breach it over the last few hours, even climbing to $0.4921 s few hours ago, which is its new four-year high. However, despite this, the resistance is still holding, and traders are wondering where will the price go from here.
Dogecoin has a lot of market support thanks to Elon Musk and his recent relationship with the next US president, meaning that chances are that the oldest meme coin will continue to surge due to fundamental factors.
It is also worth noting that DOGE follows Bitcoin’s lead, which is what brought it to the resistance at $0.40, but also what is keeping it from going beyond. The project’s technical indicators suggest that it is still bullish despite its recent struggles, too.
Its Bollinger bands have seen a slight narrowing in the last few hours, but they still remain quite wide, which is a promising sign. However, the DOGE price has separated from the upper band, and is now moving toward the middle point between the two levels, suggesting that it is struggling despite bullish sentiment.
Then, there is its RSI, which has been fluctuating between the overbought zone and the upper portion of the neutral zone for over 24 hours now, mostly locked between the values of 60 and 70.
However, the Relative Strength Index would sometimes breach the level at 70 as the bulls doubled down on purchases, which happened a few hours ago when the RSI value climbed up to 82.34. This is what caused a slight price drop, enabling the resistance to reject DOGE’s steady advances seen in the hours prior.
Still, while DOGE may be struggling against the resistance, it is not showing signs of a serious correction at this time, and will possibly turn the resistance at $0.40 into a new support before long.
Despite sluggish performance throughout the summer, Dogecoin once again emerged as the leader of the meme coin sector, becoming one of its top performers during the current rally. However, with the new resistance standing in its way, investors might be looking for a promising alternative.
Promising Alternative To Dogecoin
Analysts say one of the best alternatives to Dogecoin right now is actually a new version of Pepe known as Pepe Unchained (PEPU), which has been the talk of the market for months.
The meme coin has been in presale stage for a while now, and it keeps gaining more and more strength as time passes. The new mem coin’s ICO became a major hit, and one of the largest ICOs that the sector has ever seen, raising over $27.1 million as of November 12.
It’s added more than $2 million in just the past 5 days.
The reason for its popularity is the fact that it is the first Pepe-based meme coin to have its own blockchain. Even the original Pepe runs on Ethereum’s network as an ERC-20 token.
This, unfortunately, also means that Pepe is bound by Ethereum’s limitations, including low scalability, high transaction fees, and slow speeds with long waiting times.
PEPU, on the other hand, developed a native Layer 2 blockchain of its own, which allowed it to break free from Ethereum’s chains, hence the ‘Unchained’ part of the name.
The project sees itself as a new and improved version of Pepe, and is working on developing its own ecosystem.
Even experts such as Jacob Crypto Bury, a YouTuber with over 43.6k subscribers, has speculated many times that PEPU is likely the next 10x crypto.
If you decide to join the project, you can buy tokens now for $0.01259 each. Buy before a price hike in a little more than 1 day to secure the best deal.
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