- Dogecoin has surged by 51.94%, reaching a 3.5-year high at $0.41 as part of the ongoing crypto bull run.
- Dogecoin’s market cap rises $34.21B in a week, reaching $58.43B and overtaking XRP and USDC.
For the sixth consecutive day, the global crypto market is buzzing with enthusiasm as the ongoing bull run propels major coins to new highs, with Dogecoin (DOGE) leading the charge. In the last 24 hours, DOGE surged by over 40%, reaching an intraday high of $0.41.98—its highest level over 3.5 years. This significant rally has extended Dogecoin’s year-to-date gains to over 140%, with the memecoin benefiting greatly from recent political events, including Donald Trump’s victory and a surprise Federal Reserve’s rate cut.
In just one week, Dogecoin has added over $36.92 billion to its market cap, flipping XRP and USDC stablecoin to become the sixth-largest cryptocurrency, valued at $60.88 billion.
Much of the excitement surrounding DOGE comes from Elon Musk, who continues to tease his involvement with the meme coin, even confirming leading the Department of Government Efficiency (D.O.G.E) if Trump claims a second presidential term. This speculation has fueled traders’ hopes that DOGE might gain even more mainstream attention and retail interest in the coming months.
The current price surge has led DOGE to outperform nearly all top-ten altcoins and gain 156% in recent weeks. This price direction has led many analysts to predict that DOGE could experience a bull run similar to its 2021 performance and hit $1 by the end of this year.
Dogecoin Technical Analysis Shows Bullish Outlook
At the time of writing, the memecoin was trading at $0.4071, having a daily trading volume of $25 billion—spiked 45% in the last 24 hours. However, DOGE is still 44.8% below its all-time high of $0.7376, but the bullish sentiment remains strong.
Technical indicators also support a positive outlook. According to the DOGE/USDT 4-hour trading pair, a Golden Cross has appeared as the 50-day MA crosses the 200-day MA. Further, the Chaikin Money Flow (CMF) at 0.25 indicates a positive accumulation of buying pressure, suggesting that there is more buying than selling activity, which is bullish for DOGE.
But the RSI is an extremely high 92.19; there are signs that DOGE is in an overbought zone, indicating the potential for a short-term pullback. However, in a long-term target, DOGE might see a rise, possibly climbing to around $0.48 to $0.65 before potentially continuing downwards. If the bullish trend reverses, a breakout could push DOGE toward lower support levels near $0.2973 or beyond.
