The broader cryptocurrency market has been performing nicely thus far this week, however Dogecoin is presently main the positive aspects.
The cryptocurrency market is erasing the losses recorded over the weekend. The full market cap has elevated by greater than 3.5% over the previous 24 hours and presently stands above $1.8 billion.
Bitcoin is buying and selling across the $40k psychological stage once more, whereas Ether additionally rallied by 5% within the final 24 hours to succeed in the $3,00 mark.
Nevertheless, DOGE, the native token of the Dogecoin ecosystem, is the very best performer amongst the highest 20 cryptocurrencies by market cap over the previous few hours. DOGE is up by greater than 20% over the previous 24 hours.
The rally has DOGE overtake Avalanche and now occupies the tenth place out there by way of market cap.
DOGE’s ongoing rally is fueled by the information that Twitter’s board has accepted Elon Musk’s provide to amass the corporate.
Musk is a large fan of Dogecoin and traders are optimistic he’ll rollout DOGE fee choices on the social media platform.
Key ranges to observe
The DOGE/USD 4-hour chart is presently bullish as Dogecoin has outperformed the opposite main cryptocurrencies within the final 24 hours. The technical indicators present that DOGE has overcome its newest bearish development.
The MACD line is above the impartial zone, indicating a bullish momentum for Dogecoin. The 14-day relative energy index of 67 signifies that Dogecoin may quickly enter the overbought area if the momentum is sustained.
At press time, DOGE is buying and selling at $0.158 per coin. If the bulls stay in cost, DOGE may surpass the primary main resistance stage at $0.165 earlier than the top of the day.
Nevertheless, with the assist of the broader cryptocurrency market, DOGE may commerce above the $0.175 stage for the primary time in months.