Dogecoin price rally: DOGE soars over 21.3% in past 30 days

• Dogecoin’s price increased by 21.3% over the past month.
• DOGE token at the time of writing was trading at $0.073584 today with a 24-hour trading volume of $949,548,234.38, according to CoinMarketCap.
• The crypto market has been witnessing a rally of late as the overall market cap reached $1.33 trillion as of 8 November, according to CoinMarketCap.

Dogecoin (DOGE), over the past month or so, has been witnessing an uphill climb.  The meme coin frenzy seems to have returned as Dogecoin’s price increased by 21.3% over the past month. The rally seems to have been buoyed by the remarkable Bitcoin price rally, as the leading crypto touched its year-to-date high above $35,000. The crypto market has been witnessing a rally of late as the overall market cap reached $1.33 trillion as on 8 November, according to CoinMarketCap.

How is Dogecoin faring in November?

Dogecoin has largely been dormant for more than a year. But DOGE suddenly seems to have woken up from its slumber and has broken free from its bearish trends. This breakout is specifically critical for the DOGE, considering it may well be the hurdle before which the 9th-ranked token can rally further. In fact, with the RSI indicating a strong interest in the token, DOGE, with a little bit of push, could well be on its way up. A look at the chart would showcase the RSI at 51.34, indicating that there is a strong buyer interest in the token.

Image caption: Dogecoin’s RSI as of 8 November stood at 51.34. Image credit: Kanchanara/Unsplash

The token is witnessing a bullish momentum, and many experts suggest that this rally, if it persists for a good period, DOGE may touch its previous highs.

Even the Moving Average Convergence Divergence (MACD) showed that the signal line, represented by the red histogram, is below the trend line (in blue), indicating a price rise. This is evident even with the 24-hour price rise. The trend would indicate that there is positivity in the market, with many market participants in for a buying spree at the moment.

DOGE’s Moving Averages, Oscillators, and Pivots indicate that it is one of the hottest cryptos at the moment, indicating that bulls have outlasted the challenge of bears and moved well in command. The 50 EMA and 100 EMA (exponential moving averages) indicate a strong bullish sentiment, with the price eventually strengthening by the 200 EMA. After 200 EMA, its anticipated market price is expected to reach to $0.07187.

How is the DOGE price faring today?

DOGE token at the time of writing was trading at $0.073584 today with a 24-hour trading volume of $949,548,234.38, according to CoinMarketCap. DOGE token had witnessed a minor decline by -1.30% price decline in the last 24 hours. With a circulating supply of 140 billion, Dogecoin holds a market cap of $10,498,366,903.

Conclusion

Dogecoin investors would be buoyed by the recent rally and would be hoping that this rally lasts for some time. However, it’s important to note crypto markets are subject to market risk, and the prices can change at any given point in time. Therefore, before making any investments, it’s important to study the market carefully before investing. Any investment without proper market research could lead to financial losses.