On the 10th anniversary of DOGE, the price of Dogecoin broke through the $0.1 mark for the first time in 8 months, rising by more than 15% in 24 hours.

Dogecoin, the number one meme coin, will celebrate its tenth anniversary on December 6th. Dogecoin has come a long way since its launch in 2013. To celebrate this milestone, the Dogecoin community organized a party event in the virtual space.

Amidst all this, Dogecoin price surged significantly, breaking the $0.08 resistance and eventually heading towards the $0.12 mark. At press time, Dogecoin was trading at $0.10, with a 24-hour trading volume of $2.4 billion. This marks a 15.53% increase over the past 24 hours and a 25.85% increase over the past seven days.

Dogecoin Price Target Up 10%

Historically, Dogecoin prices have mostly plummeted between December 6 and 7. However, the current situation is different. The stunning rise in Bitcoin's value has boosted the cryptocurrency market, with other altcoins also rising in line with the bull run.

Social trends play an important role in determining DOGE prices. The increasing social trend of Dogecoin also indicates that people may enter the market to profit.

Dogecoin (DOGE) recently broke out of an ascending bullhorn chart pattern from the top, breaking significant resistance at $0.1 after 8 months. The previous resistance level now acts as support at $0.08, with huge trading volume surpassing many other altcoins. Notably, the 50-day moving average sits at $0.06, well below the current trading price.

The 14-day relative strength index (RSI) is at 79, indicating overbought conditions, suggesting a potential correction is coming. The current event-driven surge could lead to a subsequent recession as the impact of the event fades. Short sellers may enter the market, triggering selling pressure that could lead to the price falling below $0.09.

DOGE network activity surges

In the fourth quarter of 2023, Dogecoin maintained its dominance in the large meme coin space, leading in quarter-on-quarter price performance. According to on-chain data tracker IntoTheBlock, a surge in DOGE’s daily trading volume served as a key catalyst for the latest price increase.

The Dogecoin network rallied amid the broader cryptocurrency market this week, despite concerns that DOGE transaction volume dropped significantly from 1.7 million to 525,830 transactions between November 28 and December 2, raising concerns that a price correction was imminent. experienced a remarkable recovery.

After a brief dip to 525,830 transactions on December 2, DOGE transaction volume surged nearly 300%, surpassing the 1.46 million mark on December 4. The increase in activity highlights Dogecoin’s resilience and its ability to bounce back based on market dynamics.

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[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.