Dogecoin Price Prediction as Avalanche Overtakes DOGE in Crypto Rankings – End of Meme Coins?
The Dogecoin price has bounced by 5.5% in the past 24 hours, hitting $0.097478 as the wider market also enjoys a 5.5% gain today.
Despite this rise, Avalanche (AVAX) has actually leapfrogged DOGE today in the market cap rankings, even though the meme token is up by 19% in a fortnight and by 31% in the last 30 days.
This may come as a blow to holders of DOGE, but with investors expecting further rallies to come towards the end of 2023 and at the start of 2024, the meme token is likely to rise further, even if it may continue losing places to other coins.
DOGE looks to be picking up again, with its indicators suggesting that it could have a good few days or weeks.
Its RSI (purple), for instance, has begun rising after dropping below 60 earlier in the week, with its current direction suggesting that DOGE is picking up buying pressure.
Similarly the meme token’s 30-day average (yellow) is still rising even further beyond its 200-day average (blue), which is again a sign that more price rises in the short term are possible.
It’s also encouraging that the altcoin’s trading volume remains close to $1 billion, after dipping as low as $300 million towards the end of November.
This signals sustained interest in the token, with Tuesday witnessing a DOGE transfer worth $78.5 million from one unknown wallet to another.
Read more on cryptonews.com
