The positive sentiment surrounding the canine-themed memecoin Dogecoin (DOGE) raises questions among many. One of these is whether DOGE will displace Ripple-associated XRP.
Dogecoin in the Ongoing Bull Market Cycle
According to market data, DOGE’s price was $0.2161 at the time of writing. This price marks a 5.6% increase over 24 hours and a weekly surge of 30.11%. Despite a broader crypto market rebound, market analysts have commended the growth registered by DOGE in this short time. The coin faced stiff resistance in the last couple of days. Briefly, the coin showed strong buying pressure, rising by up to 27% daily. Nonetheless, analysts suspected that the rally could trigger a short-term reversal. Additionally, the Bollinger Bands on the daily chart showed high volatility for DOGE. Current price action suggests a shift in favor of Dogecoin. Several events surrounding the coin have raised suspicions of a potential golden cross in the short term, typically indicating a bullish move.
Factors Fueling DOGE Price Surge
For now, several events fuel the growing market surge in DOGE price. In the recently conducted United States election, Republican Presidential Candidate Donald Trump won against Vice President Kamala Harris. This news has brought some excitement and recovery to the broader crypto industry. More importantly, Elon Musk’s strong support for Trump increased DOGE’s attention. Historically, DOGE has reacted positively to any statement and event linked to the billionaire.
What to Expect For Dogecoin
Going forward, increased user engagement and on-chain activity could trigger further price surges for DOGE. Market observers are certain that a potential breakthrough for the coin is on the horizon. The upcoming Golden Cross formation is a very bullish signal that could see Dogecoin’s price rally in the short term. Also, there is growing optimism among technical analysts regarding DOGE’s long-term prospects.
If projections come as expected, DOGE’s price may breach the $0.3 level, potentially toppling XRP in ranking.
