- Dogecoin maintains a 9-day bullish streak, climbing over 106% over a week and reaching an intraday high of $0.4316.
- Since Nov. 5, DOGE surged 175% from $0.1582 to a 3.5-year high of $0.4359, fueled by Trump’s election victory.
Dogecoin (DOGE), the leading memecoin, is following Bitcoin’s footsteps, climbing higher for the 9th consecutive day. The flagship cryptocurrency, BTC, hit an all-time high of $93K, and Dogecoin is not far behind, posting impressive gains of over 6% in the last 24 hours. At the time of writing, DOGE is priced at $0.4026, a slight dip from its intraday high of $0.4316, but still comfortably sits above its crucial support level of $0.35.
The unexpected rally in the Dogecoin began on November 5, on the day of the U.S. presidential election. At that time, DOGE was trading at $0.1582. A surge of market optimism, fueled by Donald Trump’s victory, sent shockwaves through the crypto market. Since then, Dogecoin has jumped over 175%, peaking at $0.4359 on November 12, breaking a 3.5 years consolidation phase.
The price surge has been nothing short of spectacular, with Dogecoin surging over 432% this year alone and seeing a year-to-date increase of 347%. This growth is driven by a blend of factors, including the continued backing of high-profile supporters like Elon Musk, who remains a vocal champion of the coin.
Miners’ Sell-Off Signals Pullback for Dogecoin
In addition to price movements, bullish trading activity among miners has played a significant role in Dogecoin’s recent breakout. However, recent activity suggests the market may be cooling off, as miners have started selling after the euphoria peaked.
Dogecoin miners increased their reserves by 400 million DOGE between October 25 and November 9, reaching a 7-month high of 6.04 billion DOGE. However, as the market continued to peak this week, miners began a major sell-off. As of November 12, their holdings dropped to 5.42 billion DOGE, reflecting a selloff of 620 million DOGE, worth around $240 million, in just three days.
This large sell-off after a period of accumulation suggests a cautious outlook for Dogecoin. Technical indicators on the DOGE/USD daily chart also show signs of caution. The RSI at 72 shows that Elon Musk’s favorite crypto is in overbought territory, signaling that a correction or pullback may be imminent.
Meanwhile, the CMF at 0.22 shows moderate buying pressure, indicating that while bulls remain in control, momentum may be weakening. However, with strong support levels and ongoing bullish sentiment, analysts remain hopeful that the memecoin could push past the $0.50 resistance—the more crucial level that has not been crossed for more than 3 years.
Climbing higher to this level could lead to a breakout above $0.70, potentially reaching new all-time highs.
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