Last Updated on June 27, 2022 by Bitfinsider
Over the previous 24 hours, the overall cryptocurrency market has underperformed, while Dogecoin has been doing nicely for itself.
The week has not started off well for the cryptocurrency market. Over the last 24 hours, the market has lost less than 1% of its worth, and the overall market capitalization now exceeds $950 billion.
While Ether is trading above $1,200 after having lost more than 1% of its value over the past 24 hours, Bitcoin has managed to keep its price above the $21k resistance level.
However, among the top 10 cryptocurrencies by market cap, DOGE, the native currency of the Dogecoin ecosystem, has performed the best. Over the last 24 hours, DOGE’s value has increased by more than 9%, outperforming the whole cryptocurrency market.
The current surge in DOGE is not being driven by any apparent catalyst. The daily trading volume of the cryptocurrency is currently over $1.1 billion, exceeding the previous day’s level by more than 100%.
Key Indicators
Given Dogecoin’s stellar recent performance, the 4-hour DOGE/USD chart is currently positive. According to the technical indications, Dogecoin is now outperforming the other leading cryptocurrencies.
The price of a DOGE coin on CoinMarketCap at the time of publication is $0.0721. Before the end of the day, DOGE could break through the first significant resistance level at $0.0833 if the rally continues.
However, in order to overcome the $0.090 resistance level, DOGE would require the backing of the larger market.
Due to the fact that the bear market is still active, DOGE may lose some of its prior gains. If that occurs, DOGE may fall below $0.070 over the following few hours.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.