With the end of Elon Musk’s Twitter acquisition process, DOGE also saw a rise.
DOGE has gained about 11.1 percent in the last 24 hours, according to CoinGecko data. With this rise, DOGE took its place in the list of the highest risers. So why is DOGE rising? What is the reason for the rise in DOGE? Let’s try to find it together in this article.
Will Doge’s Rise Continue?
Leading memecoin Dogecoin (DOGE) has also rallied significantly while the rest of the market has been in price correction over the past 24 hours. The price of Elon Musk’s beloved token has been on the rise since then, following news that Elon Musk’s acquisition of social media giant Twitter will be completed on October 28.
DOGE chartDuring the day on October 26, the price of DOGE rose above $0.072 for the first time in ten weeks, according to data from on-chain analytics platform Santiment.
However, DOGE experienced an 11 percent rise today, according to CoinGecko data.
In addition to the rise in price, DOGE’s trading volume and the number of whale transactions carried out on the network on October 26th also increased. These have risen to levels last seen in August, according to Santiment’s data.
While this rise in DOGE has somewhat eased their HODLs, DOGE’s price action on the daily chart is giving warning signals. Fundamental indicators suggest that the meme token was overbought at the time of this analysis and may be in for a correction.
DOGE’s Relative Strength Index (RSI) is in the overbought zone of 79 and far from neutral. The indicator spiked from 44.82 (below the midpoint) on October 24 to 79 (deep in the overbought zone).
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