Dogecoin, a meme coin designed as a parody on Bitcoin and launched as a side project in 2013 by two IT engineers (one known as “Shibetoshi Nakamoto” on X), has increased by more than 10%, rising from $0.0730 to $0.0813.
Dogecoin Price Chart | Source: Coinstats
DOGE has risen for two days in a row. Overall, the leading meme coin has increased by 14.74% in the last 48 hours.
According to CoinMarketCap, trading volume has climbed by more than 15% in the last 24 hours, reaching $1,150,262,483.
Despite the rising price, the Dogecoin Fear and Green Index, which also exists for Bitcoin, Ethereum, and other cryptos and measures market mood, currently stands at 68 and stays in the Greed zone. This suggests that the market may be overheated, and traders and investors are likely to begin selling DOGE in order to profit from it, causing the price to fall.
Dogecoin Fear and Greed Index is 68 – Greed pic.twitter.com/l2XNE1Xidk
— Doge Fear and Greed Index (@DogecoinFear) November 11, 2023
When the index begins to exhibit “fear,” it indicates that this is a strong purchasing opportunity, and market participants are likely to begin stockpiling a coin, driving up its price.
As previously reported by U.Today, analyst Ali Martinez posted a figure generated by on-chain data business IntoTheBlock earlier this week. According to the graph, DOGE was “navigating a tight zone sandwiched by two critical supply walls.”
The chart offered the possibility of a Dogecoin breakout. Martinez believes it is possible if DOGE can break beyond the $0.076 barrier. In that case, he said, all eyes should be on “the next significant hurdle at $0.084.”
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