Dogecoin [DOGE] started out as a funny meme currency but the ongoing frenzy surrounding it does not appear to be stopping any time soon. Thanks to its impressive bull run, several companies have warmed up to Dogecoin in a recent couple of months.
The Shiba Inu-starring asset has established an ATH close to $500 and then shedding half of its value as volatility ensued on the 17th of April. It was still up by 375.00% over the past week. Following the latest market-wide plunge, DOGE’s market capitalization exceeded that of Cardano, Bitcoin Cash, Cardano, and Polkadot as it secured its position as the sixth-largest crypto-asset by market cap.
Despite posting a massive red candle, Dogecoin [DOGE] reduced its 24-hours losses to 2.04% and was currently exchanging hands at $0.304. It recorded a market cap of $40.91 billion and a 24-hour trading volume of $28.03 billion.
Dogecoin [DOGE] Daily Price Chart:
DOGE’s volatility has noted a minor dip after rallying for a week which could potentially indicate that bulls are exhausted. The moving averages, however, depicted a positive trend for the coin. Both 50 DMA [Pink] and the 100 DMA [Blue] did not show any hints of bearish pressure in the DOGE market in the coming days.
The long green bars of Awesome Oscillator depicted an increase in bullish momentum in the coin market. This was accommodated by the rising buying demand, indicated by the MACD, that halted the bears and prevented a damaging pullback.
The RSI was still hovering in the overbought zone demonstrating that there is more room for upside as the sentiment of buying pressure continued to favor the bulls.
Meanwhile, the number of new addresses created this week has increased the figures of January high, which evidenced an increasing interest in participating in the ongoing rally.
Dogecoin’s nearest resistance was found to be at $0.363, upon breaching which, it could target fresh new highs. Support areas, on the other hand, remained untested at $0.077 and $0.056 respectively.