Dogecoin Soars On Black Friday, Wags Tail On Double-Digit Pump In Bear Market

While the rest of the crypto market is reeling from the devastating collapse of the controversial crypto derivatives exchange FTX that prolonged the crypto winter, the world's first meme coin, Dogecoin, has wagged its tail as it showed off a double-digit pump.

Major crypto assets like Bitcoin and Ethereum have traded in the red zone over the past few days, but Dogecoin has impressively rebounded from the local support level and even soared. In just more than a week, Elon Musk's favorite crypto has regained 35% of its value, letting its other rivals in the meme coin category eat dust.

DOGE's rally over the past few days has formed the foundation for a solid run to highs the industry saw at the start of this month. DOGE saw a 34.4% price surge Sunday at $0.1057 from its $0.07863 price on Nov. 22.

But what could be the reason behind the meme coin's performance over the past few days?

Musk's acquisition of the social media platform Twitter was a positive development for DOGE holders, and rumors that the platform would soon accept the meme coin as a form of payment further boosted its price.

Beyond that, however, technical indicators, such as the exponential moving averages, point that the meme coin is on its way to a reversal as the 50-day and 200-moving averages are getting too close to each other. Based on the usual interpretation of market patterns, line convergence, most of the time, leads to a volatility spike which, in Dogecoin's case, is likely to head into acceleration and continued uptrend.

With Dogecoin's recent performance, it is safe to say that it has been the best-performing major crypto asset in the past few days. The coin, which was originally created as a joke, has transformed itself into more than just an altcoin, as shown by its recent performance.

Despite this impressive performance in the current bear market, DOGE's price is 84.5% of its all-time high price of $0.682 on May 8, 2021. It remains to be seen if the meme coin will achieve the same feat or far exceed it considering its recent price rally.

As of 4 a.m. ET Monday, Dogecoin was trading down 1.68% at $0.09532 with a 24-hour volume of $2,092,473,556, based on the latest data from CoinMarketCap.