The broader cryptocurrency market has been underperforming over the previous 24 hours however Dogecoin has been performing effectively.
The crypto market is having a poor begin to the week. The market has misplaced lower than 1% of its worth over the previous 24 hours and the overall market cap presently stands above $950 billion.
Bitcoin has maintained its value above the $21k resistance stage whereas Ether is buying and selling above $1,200 regardless of shedding greater than 1% of its worth within the final 24 hours.
Nevertheless, DOGE, the native token of the Dogecoin ecosystem, is the most effective performer amongst the highest 10 cryptocurrencies by market cap. DOGE has added greater than 9% to its worth over the previous 24 hours, outperforming the broader cryptocurrency market within the course of.
There isn’t a fast catalyst behind DOGE’s ongoing rally. The cryptocurrency’s day by day buying and selling quantity presently stands above $1.1 billion, which is over 100% above what it recorded yesterday.
Key ranges to observe
The DOGE/USD 4-hour chart is presently bullish as Dogecoin has been performing excellently in current days. The technical indicators present that Dogecoin is outperforming the opposite main cryptocurrencies up to now right this moment.
The MACD line is above the impartial zone, indicating bullish momentum. The 14-day relative power index of 76 reveals that Dogecoin might quickly enter the overbought area.
At press time, DOGE is buying and selling at $0.0779 per coin. If the rally continues, DOGE might surge previous the primary main resistance stage at $0.0833 earlier than the tip of the day.
Nevertheless, DOGE would wish the assist of the broader market to surpass the $0.090 resistance stage.
The bear market continues to be in play, which implies DOGE might shed among the earnings it had beforehand gathered. If that occurs, DOGE might drop under the $0.070 over the subsequent few hours.