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Dogecoin has regained some major amount of power and successfully moved toward the $0.17 price level, now showing the strongest performance across the market, even beating Ethereum and Shiba Inu. Over the past 24 hours, DOGE’s impressive rally has caught the attention of many investors, making it one of the top-performing cryptocurrencies in the market.
Some of the reasons for the recent surge of Dogecoin are new retail interest and buying volumes. This resultantly increases the buying activity on the asset, hence creating high volatility in the price of DOGE.
Dogecoin has now first broken above the 50 EMA, indicating a bullish trend. The relative strength indicator also points to the current wave on the bull side, therefore further gains being expected in the short term. In addition, the increased volume has reflected high buying pressure.
On the other hand, Ethereum and Shiba Inu have not done nearly as well. Ethereum has been pretty stable in gaining a bit, while Shiba Inu has been struggling with an attempt to break out of its current price range. It was all the more interesting with the fact that Dogecoin continued outperforming even these two big digital coins.
Another fueling factor for the surge in Dogecoin is positivity in the entire crypto market. With Bitcoin and other major cryptos showing signs of recovery, investors seem to be more ready to take risks on alternative coins like DOGE, and this restored confidence has really hyped its price.
There will be room to stretch closer to the key resistance levels if the current momentum persists and bulls stay on Dogecoin’s side. One way or another, any kind of meme coin is volatile, not excluding Dogecoin. Stay cautious and try avoiding overleveraging and poor risk management.
About the author
Arman Shirinyan
This news is republished from another source.
