Dogecoin (DOGE) Soars 10% as It Targets Higher Increase

Sat, 11/11/2023 - 20:00
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Over the past 24 hours, Dogecoin, a meme coin created as a parody on Bitcoin and launched by two IT engineers (one of them resides on X as "Shibetoshi Nakamoto") as a side project in 2013, has printed an increase of more than 10%, jumping from $0.0730 to the $0.0813 level.

DOGE has been rising for two consecutive days. Overall, within the last 48 hours, the leading meme coin has surged by 14.74%.

The trading volume has increased by more than 15% over the last 24 hours, reaching the $1,150,262,483 figure, according to CoinMarketCap.

Despite the rising price, the Fear and Green Index of Dogecoin, which also exists for Bitcoin, Ethereum and other cryptos and shows market sentiment, shows 68 and remains in the Greed area. This means that the market may be overheated and traders and investors are likely to start selling DOGE to make profits on it, therefore pushing the price down.

When the index begins to show "fear," it means that this is a good buying opportunity and market participants are likely to start stocking up on a coin, pushing its price up.

Earlier this week, as reported by U.Today, analyst Ali Martinez shared a chart provided by on-chain data agency IntoTheBlock. The chart showed that DOGE was "navigating a tight zone, sandwiched by two crucial supply walls."

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The chart provided an opportunity for a potential Dogecoin breakout. It may happen, according to Martinez, if DOGE manages to surpass the $0.076 level. In that case, he tweeted, all eyes of the market should be watching "the next significant hurdle at $0.084."