No Dogecoin (DOGE) investors are currently at a loss: details

TL; DR

Dogecoin (DOGE) briefly outperformed market cap Ripple (XRP) spurred by Trump's election lead. Analysts forecast further gains, with some targeting as much as $0.40 or even $1, despite signs of overbought.

Big win for DOGE holders

The leading meme coin has been one of the top performing cryptocurrencies in recent times. Earlier today (November 6), the price He was elevated. To reach an eight-month high above the psychological level of $0.20. In the following hours, it is slightly back currently Trading for $0.19 (per CoinGecko data).

Its market capitalization has surpassed $30 billion in a short period of time, overtaking Ripple (XRP) to become the seventh largest cryptocurrency. Later, however, the number dropped to $28.5 billion and DOGE returned to eighth place.

Donald Trump's lead in the US presidential election is one of the reasons fueling the meme coin rally (and the entire cryptocurrency market). According to the latest data, the pro-crito candidate (as promised) is very close to achieving an official victory. catch up 99.6% at Polymarket. While Trump has declared victory, Kamala Harris has yet to concede.

Dogecoin's bull run has been very beneficial for investors. basis To TheBlock, there are currently no holdings in the water, 89% sitting on some paper surplus and 11% at par.

The image He looked completely Separately, in September 2023, the price of DOGE was around $0.06. Back then, only 42% of the owners' investments were profitable (on paper).

Are you ready for more profit?

Many analysts believe that Dogecoin's bull run is still in its infancy; In the near future. of Famous X User KALEO He thinks The price may explode to $0.40 early this week, with CROW targeting a new ATH of $1.

It's happening!

And we don't stop at $1, mark my words $DOGE pic.twitter.com/nt8OOau743

— The CROW (@TheCrowtrades) November 6, 2024

Some important on-chain metrics, however, suggest that DOGE may face a correction in the near term. Relative Strength Index (measures the speed and volatility of price movements)example it has went out More than 70 in the bear range.

Such a reading indicates that the property can be overbought and bought calm down to go back. On the contrary, one RSI ratio below 30 It is translated As a purchase opportunity.