The cryptocurrency market’s performance over the past couple of weeks has been a mixed bag, so much so that the ranks were changing on a daily basis. As Halloween drew closer and some coins fell from their newly minted ATH’s, it was imperative to look at who was surviving the current price flux. Some altcoins fell from their perches while others like Dogecoin [DOGE] rallied against the bear.
The meme-inspired DOGE was instrumental in bringing the conversation of crypto to the mainstream realm. After its spot in the limelight mid-year, the cryptocurrency has come back strongly in the face of a hungry bear. At press time, Dogecoin was trading for $0.29 with a total market cap of $39.35 billion. A whopping 27 percent price increase on Wednesday boosted the daily trading volume to $13.636 billion.
Despite the “meme” tag for the cryptocurrency, DOGE has done quite well for itself in terms of new investor entry. After a stellar couple of months, Dogecoin now sits at the number 9 position on the charts. Dogecoin’s market cap was just $3 billion short of its nearest rival, Polkadot.
During the price hike, comparisons were also made between Dogecoin and its rival Shiba Inu. Slated to be the Dogecoin killer, Shiba Inu enjoyed a massive rally last week that saw it climb to new heights. New buyers reveled in the price action that made it one of the most-talked-about tokens in the cryptocurrency space. What started as a joke has now turned heads in the mainstream media with financial experts closely monitoring the trajectory of these tokens.
Dogecoin [DOGE] analysis
If Dogecoin can climb past the 50 percent Fibonacci retracement price level at $0.273, then it may act as a strong green signal for a bull rally. A strong bull run is expected to push the value of the cryptocurrency to $0.35. The Relative Strength Index of the cryptocurrency climbed a bit higher as the number of users HODLing the cryptocurrency increased.
Fans of the cryptocurrency will have to wait and watch the market as the past couple of weeks have shown trepidation by the traders. A fall below $0.26 may be a sign that investors were pulling out while a dip under $0.225 was a clear indicator of a price retracement.