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Dogecoin has regained significant strength, moving smoothly towards the $0.17 price level and is now one of the strongest performers across the market, even outperforming Ethereum and Shiba Inu. DOGE's impressive rise over the past 24 hours has caught the attention of many investors, making it one of the best performing cryptocurrencies on the market.
One of the reasons for Dogecoin's recent surge is renewed retail interest and purchasing volume, which has led to increased buying activity for the asset and has caused large fluctuations in DOGE's price.
Dogecoin has now risen above the 50 EMA for the first time, indicating a bullish trend. The Relative Strength Index also indicates that the current wave is bullish, so further upside is expected in the short term. Moreover, the increase in trading volume reflects high buying pressure.
On the other hand, Ethereum and Shiba Inu are not doing so well. Ethereum is steadily inching up, while Shiba Inu is struggling to break out of its current price range. What makes it even more interesting is the fact that Dogecoin continues to outperform these two big digital coins.
Another factor behind Dogecoin’s surge is the strength of the cryptocurrency market overall. With Bitcoin and other major cryptocurrencies showing signs of recovery, investors seem more willing to take a risk on alternative coins like DOGE, and this restored confidence is driving its price higher.
If the current momentum continues and bulls remain on Dogecoin's side, there will be scope for it to approach key resistance levels. Either way, meme coins of all kinds, not just Dogecoin, are volatile. Please tread cautiously and avoid over-leveraging and improper risk management.
About the Author
Armand Sirignan
