Dogecoin Price Skyrockets Ahead Of DOGE’s 10th Anniversary, What’s Next?

Dogecoin, the no.1 meme coin is going to complete its 10th anniversary on December 6. The meme coin has completed a decade since its launch in 2013. To celebrate the milestone, the Dogecoin community has organized a party event in virtual space.

Amid all this, the Dogecoin price surged immensely breaking the $0.08 resistance finally to move towards the $0.12 mark. At the press time, Dogecoin price was trading at $0.10 with a 24-hour trading volume of $2.4 billion. This marks a 15.53% increase in the previous 24 hours and a 25.85% increase in the last 7 days.

Dogecoin Price Targeting a 10% Rise

Historically, between December 6-7 mostly Dogecoin price has plunged. However, the current scenario is different. The crypto market is fuelling by an astounding rise in Bitcoin’s value taking other altcoins along with the bull market.

The social trend plays an important role in deciding DOGE prices. The increasing Dogecoin’s social trend also suggests that people might enter the market to make a profit.

Dogecoin (DOGE) has recently broken the rising megaphone chart pattern from the top, surpassing the significant $0.1 resistance after 8 months. The previous resistance, now acting as support at $0.08, witnessed substantial trading volume, surpassing that of many other altcoins. Notably, the 50-day moving average is positioned at $0.06, significantly below the current trading price.

The 14-day Relative Strength Index (RSI) at 79 indicates an overbought condition, suggesting a potential impending correction. The current surge driven by events may lead to a subsequent slump as the impact fades. Short sellers may enter the market, inducing sell pressure that could potentially drive the price below $0.09.

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DOGE Network Activity Surges

In Q4 2023, Dogecoin maintains its dominance in the mega-cap memecoin sector, leading the month-on-month price performance. The surge in DOGE’s daily transactions emerges as a key catalyst for the latest price upswing, as reported by on-chain data tracker IntoTheBlock.

Despite concerns of an imminent price correction sparked by a sharp reduction in DOGE transactions from 1.7 million to 525,830 between Nov 28 and Dec 2, the Dogecoin network has experienced a remarkable revival amidst the broader crypto market rally this week.

Following a brief dip to 525,830 on Dec 2, DOGE transactions have surged by nearly 300%, crossing the 1.46 million mark on Dec 4. The increased activity underscores Dogecoin’s resilience and its capacity to rebound in response to market dynamics.

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