The broader cryptocurrency market has been underperforming over the previous 24 hours however Dogecoin has been performing nicely.
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 at the moment stands above $950 billion.
Bitcoin has maintained its worth above the $21k resistance degree whereas Ether is buying and selling above $1,200 regardless of shedding greater than 1% of its worth within the final 24 hours.
Nonetheless, DOGE, the native token of the Dogecoin ecosystem, is the perfect 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 rapid catalyst behind DOGE’s ongoing rally. The cryptocurrency’s every day buying and selling quantity at the moment stands above $1.1 billion, which is over 100% above what it recorded yesterday.
Key ranges to look at
The DOGE/USD 4-hour chart is at the moment bullish as Dogecoin has been performing excellently in latest 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 energy index of 76 exhibits that Dogecoin may quickly enter the overbought area.
At press time, DOGE is buying and selling at $0.0779 per coin. If the rally continues, DOGE may surge previous the primary main resistance degree at $0.0833 earlier than the tip of the day.
Nonetheless, DOGE would want the assist of the broader market to surpass the $0.090 resistance degree.
The bear market remains to be in play, which suggests DOGE may shed a number of the income it had beforehand amassed. If that occurs, DOGE may drop beneath the $0.070 over the subsequent few hours.