Dogecoin (DOGE) Climbed Over 10% What’s Driving the Unexpected Surge?
- Dogecoin (DOGE) soared over 10% in the past 24 hours and hit a 7-month high in the $0.087 range.
- Dogecoin’s recent surge in on-chain transaction volume reached $665 million.
While prominent cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are trading in the red, Dogecoin (DOGE) has displayed a significant surge of more than 10% in its price, propelled by renewed interest and heightened activity on its network.
The reason behind this unexpected spike appears to be speculation about the Astrobotic lunar mission, with enthusiasts anticipating the inclusion of “Physical Dogecoins” on the ongoing Peregrine Mission One. Fueling these rumors, Dogecoin’s official X account took to Twitter on Nov 16, to announce that Astrobotics would be taking Physical Dogecoins to space.
Dogecoin (DOGE) Will Reach $0.1?
Dogecoin’s recent upturn, a consolidation of positive technical and on-chain factors, suggests a new rally into the original meme coin. At the time of writing, Dogecoin is trading at $0.08585, boasting a 10% surge in the past 24 hours and an 18% increase over the week. The daily trading volume has soared over 115.3% in the last 24 hours, reaching $1.9 billion. Earlier today, DOGE even touched the $0.087 range.
Technical indicators further support the bullish sentiment, with Dogecoin’s price currently above the simple moving average. The Relative Strength Index (RSI) stands at 71.74, firmly placing it in the overbought zone.
If the current trend persists and manages to breach the key resistance at $0.090, DOGE’s price will reach the next resistance level at $0.098, with further targets reaching $0.105.
Conversely, in the event of a trend reversal, where the bullish momentum collapses, Dogecoin’s price could decline to immediate support at $0.077 and potentially dip further to $0.062.
Moreover, the market intelligence platform Santiment has highlighted a significant surge in on-chain transaction volume for Dogecoin. The volume spiked to $665 million, marking the highest value observed in the past three months. This surge in on-chain activity is seen as a positive sign, indicating a growing level of usage and interest in the once-quiet giant Dogecoin.