Dogecoin is leading market gains, having jumped by more than 70% in the past week. The bullish sentiment is not cooling off, as, during the past 24 hours, DOGE has gained by more than 31%. At the time of writing, DOGE was trading at $0.105.
DOGE pumps 31% today
DOGE’s buying pressure has been notably high over the past few days. During the past 24 hours, the largest meme coin has traded between $0.079 and $0.101, indicating high volatility in the token that could continue driving the gains.
During the past 24 hours, DOGE’s trading volumes have come in at $5.12 billion, indicating high trader interest in the token. The meme coin now ranks as the ninth-largest cryptocurrency by market cap after flipping Solana. DOGE’s market cap stands at $13.89 billion.
DOGE will likely go higher because of the buying frenzy in the market. The buying pressure has led DOGE to head higher and test resistance at $0.1. DOGE needs to hold this level to head higher and claim $0.15.
The recent gains have seen DOGE cover some of its yearly losses. The meme coin is currently down 65% year-to-date. On the other hand, it has dropped by 86% from its all-time highs.
Technical indicators prove that DOGE is indeed bullish today. The Relative Strength Index at 76 shows that DOGE is currently overbought. If DOGE’s price continues being bullish, the RIS could rally higher as more traders enter the market out of FOMC.
On the other hand, the Moving Average Convergence Divergence (MACD) line is moving higher above the signal line, indicating that DOGE is in bull territory. A break out past $0.25 is likely if the bullish gains can be sustained.
However, traders need to be cautious before buying DOGE at the current prices because the high RSI could indicate that a reversal is on the way. Nevertheless, analysts are bullish on DOGE, amid the high relative volume in the past two days. Additionally, DOGE is proving stronger than other meme coins such as Shiba Inu (SHIB).
1 DOGE is currently worth about 8000 SHIB
This is approaching two year highs on this ratio, which has historically been pretty sticky around ~5000
Fair odds we see a bit of mean reversion on this pair over the following month pic.twitter.com/Ri7OC7m3yI
— GCR (@GCRClassic) October 28, 2022
DOGE rallies as Elon Musk purchase Twitter
Elon Musk has finalized the deal to buy Twitter for $44 billion. Musk’s purchase of Twitter could see a flurry of changes being introduced on the social media platform, with some of these changes being crypto payments.
Musk is a long-time supporter of Dogecoin, and DOGE is already accepted to buy select merchandise at Tesla and SpaceX. Therefore, if Musk adds the option for crypto payments on Twitter, DOGE will most likely be one of the supported currencies.
As DOGE continues to rally, one of the newest meme coins, Tamadoge (TAMA), is having one of the biggest non-fungible token (NFT) drops. Unlike most meme coins that fail to have utility, TAMA is one of the best utility tokens by launching a play-to-earn gaming platform.
Best presales happening now
If you want to diversify to other altcoins, you might consider investing in some of the best presales of 2022.
One of these presales is Dash 2 Trade. Dash 2 Trade is a platform that provides investors with crypto signals that will help them make better investment decisions. Dash 2 Trade could be the next token to explode, with the presale crossing past $3.1 million.
The other presale you should consider investing in is for IMPT. IMPT.io is a platform committed to using blockchain technology to lower carbon emissions. The IMPT presale launched earlier this month and has raised more than $11 million.
Thirdly, we have Calvaria. Calvaria is a play-to-earn gaming platform whose unique feature is that it will allow non-crypto players also to access the game. Because of its promise of merging traditional gaming with blockchain gaming, the RIA presale has attracted notable demand, with the presale raising over 500,000 USDT.