Dogecoin has recovered a significant portion of its strength and is currently performing the best on the market, even surpassing Ethereum and Shiba Inu, as it makes its way towards the $0.17 price level. Due to its remarkable rise over the last day, DOGE has become one of the market’s best-performing cryptocurrencies, attracting the interest of several investors.
The current spike in Dogecoin prices can be attributed, in part, to increased retail interest and purchase volumes. As a result, there is more purchasing activity on the asset, which causes the price of DOGE to fluctuate greatly.
Now that Dogecoin has first breached the 50 EMA, a bullish trend is apparent. Short-term gains are anticipated since the relative strength indicator also indicates that the current wave is on the bull side. Furthermore, the higher volume has demonstrated strong purchasing pressure.
However, Shiba Inu and Ethereum have not performed nearly as well. Shiba Inu has been having trouble breaking out of its current price range, whilst Ethereum has been very steady in rising a little. The fact that Dogecoin continues to surpass even these two significant digital currencies made it even more intriguing.
The optimism around the whole cryptocurrency sector is another driving force behind Dogecoin’s rise. Investors are more willing to take a chance on alternative coins like DOGE now that Bitcoin and other big cryptocurrencies are beginning to show signs of recovery. This renewed confidence has significantly driven up the price of DOGE.
If the present trend continues and bulls stick by Dogecoin, there will be potential to go closer to the important resistance levels. All meme coins are volatile in one way or another, even Dogecoin. Try to prevent excessive leverage and inadequate risk management while exercising caution.
