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Dogecoin (DOGE) is using the bullish wave as soon as once more, experiencing a considerable rally with double-digit positive factors. Notably, chosen tokens equivalent to Pepe Coin and Floki Inu have additionally joined the meme coin rally, surging by double digits inside every week.
Market analysts and fans are attributing this surge to the continued pleasure surrounding exchange-traded funds (ETFs), and the value momentum reveals no indicators of slowing down.
Kaiko, a outstanding determine within the crypto market, was fast to draw attention to the spectacular worth hikes within the meme coin sector. Pepe Coin and Floki Inu, together with Dogecoin, have been main this cost. The joy surrounding these meme cash has created a constructive environment within the crypto sphere.
$AVAX and $DOGE are up 10% whereas $AAVE is down .25% over the previous 24 hours.
Most markets proceed to surge amid the ETF hype.
Supply: https://t.co/tihRplvItm pic.twitter.com/8Wta3fws49
— Kaiko (@KaikoData) October 26, 2023
Kaiko identified that “most markets proceed to surge amid the ETF hype,” indicating that the broader cryptocurrency market can be benefiting from this newfound optimism.
Dogecoin’s Function In The ETF Frenzy
The cryptocurrency market has been buzzing with anticipation of a spot Bitcoin exchange-traded fund (ETF) for fairly a while. This pleasure has had a direct affect on Bitcoin’s costs, and it has spilled over into the altcoin sector, benefitting Dogecoin amongst others.
Historically, a surge in Dogecoin costs has signaled an area excessive for Bitcoin and different main tokens. Because of this, merchants are keenly monitoring the Bitcoin worth as Dogecoin maintains its upward momentum.
DOGE market cap at present at $9.947 billion on the every day chart: TradingView.com
Warning Amid Overbought Circumstances
Whereas the Dogecoin rally is capturing the eye of merchants and buyers, warning is warranted. The Relative Power Index (RSI) on the four-hour chart is at present holding at 80, indicating that the market is in an overbought situation. This means {that a} correction could also be on the horizon.
Merchants are suggested to maintain a detailed eye on the RSI, and any indicators of it retreating to the impartial space under 70 must be taken as a sign to shut positions whereas remaining vigilant for potential shopping for alternatives throughout future worth dips.
On the time of writing, the present worth of Dogecoin, in response to CoinGecko, stands at $0.070810, with a marginal 24-hour dip of 0.7%. Nonetheless, the cryptocurrency has boasted a formidable seven-day rally of 18.9%, showcasing the resilience and enduring attraction of the meme-based digital asset within the face of ongoing market fluctuations.
Within the midst of the meme coin surge, the query of whether or not Dogecoin (DOGE) can break by way of the $0.1 barrier looms massive. As buyers and fans intently monitor its worth actions, the cryptocurrency market continues to be a hub of pleasure and hypothesis.
Featured picture from Shutterstock
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