Home Markets DOGE’s 8% Price Rise Puts Memecoin at the Top of the Crypto Market

DOGE’s 8% Price Rise Puts Memecoin at the Top of the Crypto Market

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DOGE’s 8% Price Rise Puts Memecoin at the Top of the Crypto Market

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Arman Shirinyan

Memecoin’s surprising price increase puts it at the top of the market in terms of profitability

Dogecoin’s most recent 8% rally was one of the most unexpected price performances in the market, given the memecoin’s problems moving to higher resistance levels. However, the to burst above the local resistance level could bring us pleasant surprises.

The breakout above the 50-day moving average is an important sign for the market, as memecoin rallies usually herald an upcoming season of inflows in the broader market, as retail traders and investors look for quick profits using volatile assets like Dogecoin and Shiba Inu. .

Charter of the Doges
Source: TradingView

If we compare the historical performance of these assets with more fundamental cryptocurrencies like Bitcoin or Ethereum, the flows to the latter arrive with a slight delay compared to memecoins and tokens for the aforementioned reasons.

For now, we are seeing a similar pattern when large caps are “lagging” against Dogecoin or even Shiba Inu, which is also showing a big gain in the last two or three days.

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The trading volume and market flow suggests that Ethereum and Bitcoin are experiencing some relief after the massive selloff we have been experiencing recently. Despite the weekend trading session, which usually has a relatively low trading volume, the positive shift in the market could put us back on the road to recovery that the digital asset market lost a few weeks ago.

In order to stay within the ascending price range, Dogecoin would need to gain a foothold above the 50-day moving average, which is a complicated task considering the lack of inflow to the memecoin we are seeing today.

At press time, Dogecoin is trading at $0.065 and gaining around 7% of its value in the past 24 hours.

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