Dogecoin (DOGE) Surges 19% as Hash Rate Hits Record High

• Dogecoin rises 19% to $0.4645, breaking key resistance levels.
• DOGE’s hash rate hits 1.52 PH/s, boosting network security.

Dogecoin ($DOGE) is trading at $0.4645, marking an impressive 19.04% increase over the past day. Its market cap is a substantial $68.24 billion, reflecting a 19.09% surge. The Volume-to-Market Cap Ratio has climbed to 29.45%, indicating heightened trading activity with a 24-hour volume of $20.05 billion.

Dogecoin’s hash rate has hit a record 1.52 PH/s, highlighting increased miner participation and enhanced network security. The rising hash rate reflects greater confidence among miners, driven by strong price action and growing incentives.

Additionally, Tesla’s Cybertruck code embeds Dogecoin, sparking speculation about future DOGE payments in Tesla vehicles. This integration signals potential mainstream adoption and the possibility of Dogecoin playing a pivotal role in the future of payment systems.

Bullish Indicators

Dogecoin’s daily chart reveals significant bullish momentum. The Relative Strength Index (RSI) is 82.12, with the RSI average at 81.26, signaling overbought conditions. This suggests increased buying pressure but also hints at potential short-term corrections.

The 9-day and 21-day moving averages (MA) show a crossover, with the shorter-term MA at $0.39 moving above the longer-term MA at $0.31. This bullish crossover confirms upward momentum. The price has broken key resistance levels and is well above the $0.31 support zone.

The current resistance level for Dogecoin is at $0.50, with immediate support at $0.39. If the price breaches the $0.50 resistance, it could rally toward the $0.82 mark, as predicted by analysts. Conversely, a break below $0.39 may lead to retesting lower levels around $0.31.

A bullish flag pattern is visible on the chart, characterized by a steep rise followed by consolidation. This pattern indicates the likelihood of a continuation of the upward trend. If confirmed, the breakout from this pattern could propel Dogecoin to new highs, reinforcing the bullish outlook.

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