- Dogecoin’s market capitalization jumped to $62 billion, reflecting a strong recovery and investor confidence.
- Active addresses reached 9.23 million in November, highlighting tangible adoption of the network.
- Price targets depend on resistance at $0.50 or support at $0.40 to $0.35, influenced by market sentiment.
Dogecoin (DOGE) reached a major milestone, surpassing a market capitalization of $62 billion in early December. This impressive rise comes after months of subdued performance in early 2024. The cryptocurrency’s recovery has been fueled by increasing trading volumes, intensifying on-chain activity and growing investor enthusiasm . However, as the price climbs, the question remains: can DOGE maintain this momentum or is a correction looming?
Dogecoin has seen a remarkable rise, with its price reaching $0.44 after starting October below $0.10. This substantial growth reflects strong market optimism, supported by key technical indicators. The 50-day moving average, positioned at $0.26, served as a crucial support level, acting as a catalyst for the rally. Meanwhile, the 200-day moving average at $0.15 highlights its long-term stability, providing a solid foundation for sustained bullish momentum.
The relative strength index (RSI) currently sits at 62, signaling that Dogecoin has eased from its overbought conditions earlier in November. This cooling off period suggests potential for further gains as the market still has room to adjust to further buying pressure. Together, these metrics highlight the strength of DOGE’s recent performance and suggest the possibility of continued bullish momentum.
Key price levels to watch include resistance at $0.50 and support at $0.40, with $0.35 as a stronger pullback during corrections. These markers will shape the movement of Dogecoin until December.
The market capitalization, which peaked at over $62 billion, currently hovers at $61.3 billion. This slight decline aligns with moderate profit-taking but does not overshadow the broader uptrend.
Dogecoin Network Growth Highlights Adoption
Dogecoin network activity paints an optimistic picture. November saw a sharp rise in trading volumes, peaking at $10 billion per day before stabilizing at $2.44 billion in early December. Despite the slowdown, the network remains dynamic, a sign of lasting adoption.
Active addresses reached a record 9.23 million in November, demonstrating growing interest from new and existing users. This tangible growth of the network supports Dogecoin market dominance and reduces the risk that purely speculative transactions determine its price.
A break above $0.50 could propel Dogecoin to $0.60 or higher, boosted by its expanding network and growing investor interest. Alternatively, failing to hold $0.40 could result in a retracement towards $0.35. Broader market trends, particularly Bitcoin’s performance, will play a crucial role in shaping Dogecoin’s trajectory in December.