Dogecoin (DOGE) Continues Its Upward Trend, Reaching $0.14 and Gaining Over 7% in the Last 24 Hours

As a result of general market optimism, Dogecoin (DOGE), the most valuable meme coin, is presently experiencing a rise.

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Dogecoin (DOGE) continues its rally, surging past the $0.14 mark and notching gains of over 7% in the last 24 hours. But technical analysis signals suggest that the meme coin might be overbought, indicating a possible correction soon.

DOGE Surges Amid Broader Market Optimism

Dogecoin (DOGE), the top meme coin by market capitalization, is currently seeing a surge in price as part of a broader market uptrend. However, some technical signs, as highlighted by on-chain market analyst Ali Martinez, might be suggesting an upcoming price correction for DOGE.

Martinez shared a Dogecoin price chart in an X post, showing DOGE surging past the $0.14 price level. He highlighted the TD Sequential, a key signal for pinpointing the exact time of a potential market top.

DOGE Might Be Overbought Due to Surging Buying Pressure

The surge in buying pressure is what might be causing DOGE to become overbought, as the meme coin’s recent gain is driven by more buying. This usually happens when there is more demand than supply in the market for a particular cryptocurrency.

When prices are overbought, a selling session often follows. And based on this, Martinez argues that DOGE might be due for a temporary pullback before continuing its current uptrend. At the last check, DOGE was trading at $0.143, up 7.15% in 24 hours.

Weekly Chart Shows DOGE’s Potential for Further Growth

As reported by U.Today, DOGE’s price surged 28% on the weekly chart, suggesting that the meme crypto has more room to grow in value.

Meanwhile, several market analysts have made positive predictions for DOGE. DonAlt, an anonymous crypto trader, believes that DOGE has a good chance of breaking $1. The trader based his prediction on the fact that Dogecoin has more social engagement than its competitors.

Whale Activity Boosts Bullish Sentiment Around Dogecoin

In addition to the rising social sentiment, whale activity around Dogecoin has also surged recently. Major investors added roughly $63 million in DOGE overnight.

Whales received 1.17 billion DOGE and sent out 640.1 million DOGE in total over a single day. This shows that the Dogecoin whales are acting bullishly.

Given the large amounts of cryptocurrency that these whales usually own, their actions have a tendency to influence the price significantly.

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