Dogecoin Price Pumps 147% in a Week Surpassing $60B Market Cap – Will DOGE Hit $1?

Highlights:

• Dogecoin price surges over 47% to trade at $0.4272, as its trading volume spikes.
• DOGE market capitalization has surpassed $60 million, flipping XRP in market cap.
• Coinglass data shows a surge in open interest, indicating that new money flows into the market.

The Dogecoin price is going parabolic, printing green candlesticks, and has reached levels not seen since 2021. Its market capitalization has surpassed $60 billion with a 47% surge, surpassing the Ripple token (XRP) by market cap. At press time, DOGE is up 47% today, to trade at $0.4272 on Nov 12. DOGE is now boasting an increase of 147% in a week, 269% in a month, and a whopping 419% in a year.

The growing interest in the meme coin has seen the daily trading volume spike 61% to $28.75 billion, suggesting increased market activity. Meanwhile, DOGE’s recent surge in trading activities suggests a positive sentiment in the market. Coinglass data upholds a bullish outlook in the Dogecoin market as open interest surges. The rise in Open interest suggests that new money flows into the market, indicating a strengthening uptrend.

Dogecoin Statistical Data

Based on CoinmarketCap data:

• DOGE price now – $0.4272
• Trading volume (24h) – $28.95 billion
• Market cap – $62.05 billion
• Total supply – 146.76 billion
• Circulating supply – 146.76 billion
• DOGE ranking – #6

The DOGE meme coin has grown by an impressive 147% this week, jumping from $0.18 to $0.42. The daily chart indicates strong bullish momentum as the price reaches levels not seen since 2021. This is the moment that the crypto community has been waiting for, as history is being made. Bitcoin has recently hit a new ATH and is currently in price discovery, as meme coins, including Dogecoin, are going parabolic.

Dogecoin Price Breaks Out in a Parabolic Curve

Initially, the token experienced a period of consolidation, moving sideways, indicating a balance between buying and selling forces. However, following Trump’s pro-crypto stance and Elon Musk’s media buzz, bulls have sprung into action to engineer a big bounce for DOGE. Dogecoin price has broken out in a parabolic curve, printing green candlesticks with the wick touching $0.4272.

At press time, DOGE sits on top of confluence support, strengthened by key bullish indicators on the charts, starting with the 50-day MA (green) and the 200-day MA (blue). In this case, the $0.1312 and $0.1492 act as immediate support levels, steadying the market’s uptrend. 

Moreover, the Golden Cross in the Dogecoin market further reinforces the bullish grip, tilting the odds in favor of the bulls. A golden Cross comes into play when a short-term (50-day MA) crosses above the long-term (200-day MA), signalling a bolstered bullish thesis. 

On the other hand, the Relative Strength Index (RSI) cautions traders of a potential correction. After climbing from support at the mid-line (50), the RSI jumped into the overbought area, hitting a 93.29-strength level. However, traders won’t have to worry about sudden pullbacks with the RSI above 70; this position suggests a correction is imminent.

The Moving Average Convergence Divergence (MACD) is also northbound, pulling away from the signal line, which means it is delaying the sell signal. This calls for traders and investors to rally behind DOGE, holding their long positions intact. 

While the Community Remains Strong, Is a Target to $1 Achievable?

The DOGE meme coin is pumping really hard, making the $1 target seem possible. With the recent Golden Cross of the moving averages, historical patterns suggest DOGE may be primed for a massive rally, echoing its 2021 bull run.

If this rally surpasses the key resistance at $0.5, DOGE could reach $1 in 2024. However, if profit bookings resume at this level, the Dogecoin price could pull back, chasing the $0.1492 support level.