- Dogecoin (DOGE) price surged to the $0.08 range.
- Overtakes ADA in market cap and reclaims the seventh spot.
- The DOGE price soared 5% in the last 24 hours and 17% over the past week.
Dogecoin (DOGE), the beloved meme coin, witnessed a significant price spike of 14% on Tuesday, from $0.07071 to $0.08299, marking its biggest single-day gain since April. Also, DOGE has flipped Cardano (ADA) to claim the seventh spot in the cryptocurrency rankings in terms of market cap.
At the time of writing, Dogecoin’s market cap stands at a staggering $11.65 billion, solidifying its position as one of the most valuable cryptocurrencies in the digital landscape. This impressive feat has surpassed Cardano’s market cap by a substantial 7%, displaying the meme coin’s growing popularity and widespread appeal.
But what’s driving this strong uptrend? The recent Dogecoin price rally has been fueled by swirling speculation suggesting that DOGE might be adopted as a payment method on the highly anticipated “X” rebranded Twitter platform, a project spearheaded by tech mogul and Tesla CEO, Elon Musk.
With the Twitter rebranding buzz gaining momentum, investors and traders have shown renewed interest in DOGE, propelling it to new heights in its price as well as market cap. However, the rumors regarding its potential integration into the revamped Twitter platform continue to circulate. Also the meme coin holders and enthusiasts eagerly await further developments.
Dogecoin (DOGE) Current Market Status
According to CoinMarketCap, Dogecoin traded at $0.08095, with a 24-hour trading volume of $1.3 billion. Also, DOGE price climbed over 5% in the last 24 hours and 17% in a week.
The daily price chart of this meme coin highlights the bullish movement of DOGE, as the current price stands above the 50-day exponential moving average (EMA). This positive indicator suggests a potential uptrend in the market.
Further, the daily Relative Strength Index (RSI) reveals that DOGE is approaching an almost overbought state. This signals a high level of buying interest and potential momentum for further price gains.
Looking ahead, there appears to be a significant resistance level around $0.09667. If DOGE can decisively break above this resistance, it could open the gates for a sustained uptrend towards the $0.13152 mark.
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