Dogecoin’s capitalization exceeded $ 62 billion

Dogecoin DOGE $0.12 Department Of Government Efficiency -8.45% Market capitalization $0.12 billion VOL. 24 hours $1.03 billion has reached an impressive milestone, surpassing a market capitalization of $ 62 billion. This was the result of a recovery from the low point in early 2024, thanks to increased network activity, transaction volumes, and investor interest.

The price of Dogecoin is currently hovering around $ 0.44, showing a rapid rise from less than $ 0.10 in October. This jump is supported by strong technical indicators that confirm the positive market sentiment.

Thus, the 50-day moving average at $ 0.26 serves as a platform for growth. At the same time, the 200-day moving average at $ 0.15 remains an important long-term support level. A widening gap between these indicators signals a steady bullish trend.

At the same time, the Relative Strength Index (RSI) reached 62, which indicates a temporary weakening of the overbought level recorded in November. This opens up opportunities for further growth if buyers return to the market.

The key levels to watch are resistance at $ 0.50, which could be crucial for the December Dogecoin rate, and support at $ 0.40, with stronger protection at $ 0.35 in case of a correction.

It is known that in November, DOGE transaction volumes reached a peak of $ 10 billion per day, stabilizing at $ 2.44 billion in early December.

Although this decline reflects a decline in speculative trading, the network remains active, which confirms its acceptance by users.

The number of active addresses in November rose to a record 9.23 million, demonstrating the engagement of both new and existing users. This indicates that Dogecoin’s growth is backed by real network development, not just speculation.

It is worth emphasizing that if Dogecoin manages to break through the resistance at $ 0.50, it could reach $ 0.60 or even higher by mid-December.

However, if it fails to hold the support at $ 0.40, a correction to $ 0.35 is possible, especially if transaction volumes and the number of active addresses decrease.

The situation may also be influenced by the actions of large investors who may be taking profits and the general state of the cryptocurrency market, especially the dynamics of Bitcoin.