Dogecoin (DOGE) has been one of the top performers over the past 24 hours. DOGE is up by 19% over the past 24 hours. DOGE’s bullish sentiment could be attributed to a bullish run across the broader cryptocurrency space, alongside news that Musk could be in the process of purchasing Twitter.
Dogecoin price analysis
Dogecoin is skyrocketing and outperforming the rest of the crypto space. In the last 24 hours, the cryptocurrency market cap has only gained less than 2%. However, DOGE continues to attract buying pressure that could lower the price.
During the past few weeks, DOGE has been facing resistance in attempting to push higher. However, volatility is now high for the meme coin, given that in the last 24 hours, the price has traded between $0.065 and $0.08. At the time of writing, DOGE was trading at $0.077
DOGE has registered a massive spike in trading volumes. The meme coin’s trading volumes currently stand at $2.2 billion, which is a nearly 200% increase. The high trading volumes indicate that the meme coin’s volatility could continue being high in the coming trading hours.
DOGE’s price chart shows that during the past week, the meme coin has gained by around 33%, making it one of the best gainers in the cryptocurrency space. The bullish sentiment seems to be attracting whales, according to Santiment, with whale transactions increasing to August levels.
The technical indicators show that there is still room for DOGE to rally higher. The Relative Strength Index (RSI) shows that despite the remarkable bull run, Dogecoins is neither in the overbought nor oversold region. This shows that the meme coin community is yet to swarm in and accumulate more of the coin, which could explode DOGE to $0.1.
The same trend can be seen with the Moving Average Convergence Divergence (MACD) line, which shows a strong reversal from a rally. The movement of this line shows the possibility that the price will retrace.
Musk Twitter deal leads to DOGE pump
The recent gains with DOGE could be attributed to reports that Elon Musk could close the Twitter purchase deal by Friday. Musk agreed to buy Twitter at $54.20 per share, and a judge had given the Tesla CEO up to October 28 to finalize the deal.
Musk is a big supporter of Dogecoin, given that he has supported DOGE payments in his companies, such as SpaceX and Tesla, and the same could extend to Twitter. Twitter is a major social hub for the crypto community, and the addition of DOGE payments could trigger a notable rally.
Diversify your portfolio with these new cryptos
As Dogecoin continues to pump, some new cryptocurrencies could be set to make notable rallies.
Tamadoge is one of the best cryptos to invest in. TAMA was trading at $0.0239 at the time of writing after an over 1% gain during the past 24 hours. TAMA is a unique meme coin because it offers utility by venturing into the blockchain gaming space.
If you missed the TAMA presale, you could consider participating in the Calvaria (RIA). Calvaria is a blockchain gaming ecosystem whose presale is also exploding, having completed stage one after raising 300,000 USDT. Stage 2 is now open, and it is already 46% complete.
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