Dogecoin (DOGE) Surges by 15% as the Meme Coin Market Cap Reaches $62B; Creator Billy Markus Looks Back to 2021 Bull Run

With the crypto meme coin segment hitting a market cap of $62.19 billion, the 24-hour trading volume skyrocketed to $9.79 billion.

Dogecoin price continues to surge, showing no signs of slowing down. With a 15% surge, the meme coin market cap has reached an impressive $62 billion. A technical analysis of Dogecoin’s chart reveals a potential buying opportunity.

Dogecoin Surges by 15% as Meme Coin Market Cap Hits $62 Billion

The crypto meme coin segment has seen a massive surge, hitting a market cap of $62.19 billion. This surge is driven by the impressive gains clocked by Dogecoin, the leading meme coin.

With a 24-hour trading volume of $9.79 billion, Dogecoin is spearheading the meme coin rally. Currently ranked as the eighth-largest crypto asset in the industry, Dogecoin is teasing a bull run reminiscent of the 2021 era.

Dogecoin Rally Nears Resistance at $0.17394

A technical analysis of Dogecoin on the daily chart shows the meme coin rallying within a falling wedge breakout. This breakout is gaining momentum, with price action revealing a bullish flat breakout rally that is boosting trend momentum.

The breakout rally has seen four consecutive bullish candles, sparking a price jump of 28.72% from a 7-day low of $0.1275 to the current price of $0.1646.

As bullish influence intensifies on the daily chart, the 100-day and 200-day EMAs have converged in a positive crossover. Following this golden crossover, the crucial 50-day, 100-day, and 200-day EMAs are set to align positively.

Moreover, the stochastic RSI is showing an early positive crossover between the K and V lines. These technical indicators, combined with the breakout rally, are signaling a potential buying opportunity for Dogecoin.

Based on the price action analysis, the meme coin is set to encounter the nearest resistance level at $0.17394. If Dogecoin manages to clear this resistance, it will likely aim for the 52-week highest closing price of $0.2208, increasing the chances of a new 52-week high above $0.22899.

Dogecoin Creator Celebrates Return of 2021 Bull Run

With the excitement around Dogecoin returning to its 2021 bull run levels, Billy Markus, aka Shibetoshi Nakamoto, the creator of Dogecoin, expressed his enthusiasm about the new bull run. In a recent post on Twitter, Shibetoshi shared a snapshot of Dogecoin's price, highlighting a 13.82% jump in a single day.

yo what is going on with dogecoin are we back in 2021 pic.twitter.com/uLe6uPXojV

— Shibetoshi Nakamoto (@BillyM2k) October 28, 2024

Short-Term Resistances for Dogecoin

A closer inspection of the 4-hour chart reveals that the massive surge in bullish momentum for Dogecoin is likely to continue. Following the bullish flag breakout, the streak of consecutive bullish candles has now breached the 78.60% trend Fibonacci level at $0.16427.

Currently, DOGE is forming a Doji candle, sparking speculation of a morning star formation. Using the retracement tool, the short-term targets for the meme coin are $0.1742 and $0.2031. On the downside, Dogecoin has support at $0.15 and $0.14, aligning with the Fibonacci levels of 50% and 38%.

DisClamier: This content is informational and not meant to be considered financial advice. The views expressed in this article may belong to the author and do not necessarily reflect the opinion of The Crypto Basic. Readers areوذمد encouraged to conduct their own research before making any investment decisions. The Crypto Basic does not hold any responsibility for any financial losses.

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