Dogecoin (DOGE) and other meme coins are experiencing a substantial rally, with double-digit gains. Pepe Coin and Floki Inu have also joined the rally, surging within a week. Analysts believe that this surge is due to the excitement surrounding exchange-traded funds (ETFs), and the momentum does not seem to be slowing down.
Kaiko, a prominent figure in the crypto market, drew attention to the impressive price hikes in the meme coin sector. Pepe Coin, Floki Inu, and Dogecoin have been at the forefront of this charge. The excitement surrounding these meme coins has created a positive atmosphere in the crypto sphere.
Kaiko noted that, “most markets continue to surge amid the ETF hype,” indicating that the broader cryptocurrency market is benefiting from this newfound optimism.
Dogecoin’s role in the ETF frenzy is significant. The anticipation of a Bitcoin exchange-traded fund has had a direct impact on Bitcoin’s prices and spilled over into the altcoin sector, benefiting Dogecoin among others. Traders are closely monitoring the Bitcoin price as Dogecoin maintains its upward momentum.
However, caution is advised amid overbought conditions. The Relative Strength Index (RSI) on the four-hour chart is holding at 80, suggesting an overbought market. A correction may be on the horizon. Traders should watch the RSI closely, and any signs of it retreating below 70 should be taken as a signal to close positions. They should also remain vigilant for potential buying opportunities during future price dips.
At the time of writing, Dogecoin’s price stands at $0.070810, with a marginal 24-hour dip of 0.7%. However, it has rallied impressively by 18.9% in the past seven days, showcasing the resilience and enduring appeal of the meme-based digital asset in the face of ongoing market fluctuations.
Amidst the meme coin surge, the question of whether Dogecoin can break through the $0.1 barrier looms large. The cryptocurrency market continues to be a hub of excitement and speculation as investors and enthusiasts closely monitor its price movements.
Sources:
– Kaiko’s tweet: [link to tweet]
– Dogecoin market cap: https://bitcoinist.com/dogecoin-price-forecast-can-doge-breach-0-1/
– CoinGecko for current Dogecoin price: https://bitcoinist.com/dogecoin-price-forecast-can-doge-breach-0-1/
– Featured image from Shutterstock
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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