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The broader cryptocurrency market has been underperforming over the previous 24 hours however Dogecoin has been performing properly.
The crypto market is having a poor begin to the week. The market has misplaced much less than 1% of its worth over the previous 24 hours and the complete market cap at the moment stands above $950 billion.
Bitcoin has maintained its value above the $21k resistance degree whereas Ether is buying and selling above $1,200 regardless of shedding more than 1% of its worth in the last 24 hours.
However, DOGE, the native token of the Dogecoin ecosystem, is the greatest performer amongst the prime 10 cryptocurrencies by market cap. DOGE has added more than 9% to its worth over the previous 24 hours, outperforming the broader cryptocurrency market in the course of.
There is no quick 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 observe
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 different main cryptocurrencies to date as we speak.
The MACD line is above the impartial zone, indicating bullish momentum. The 14-day relative power index of 76 reveals 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 first main resistance degree at $0.0833 earlier than the finish of the day.
However, DOGE would wish the help of the broader market to surpass the $0.090 resistance degree.
The bear market is nonetheless in play, which suggests DOGE may shed a few of the income it had beforehand collected. If that occurs, DOGE may drop under the $0.070 over the subsequent few hours.
