Dogecoin’s revival is evident as the crypto market begins to show some strength.
Meme coins now get more attention, as major crypto continue their rise. Dogecoin, DOGE (moderately volatile) trades overnight in the range $0.0655 to $0.06867.
With a 0.82 percent gain in Bitcoin, Ethereum surges above 4% and Solana is the top gainer with 10%, cryptospace looks bright green.
DoGE’s trading volume has increased by 21.22 Percent, to $528.5 Million. Now, the coin ranks in 10The following is a list of thPlace with a market capitalization of $9 billion
DOGE failed to move higher in the last few hours, which suggests further retracement and retesting.
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Dogecoin reaches $0.069 resistance level
Dogecoin’s positive side is that it has moved up from its previous low at $0.058 and now aims to reach the $0.069 major resistance level.
With this in mind, losses incurred during July have already been retraced. A reversal will be possible anytime soon. Is DOGE now capable of easily surpassing the $0.070- $0.075 mark?
However, at the moment, no lower low has been established, and rallying can be expected when a higher local low has been set.
Dogecoin’s price is currently at $0.069, but it may be difficult to surpass that mark. It still provides a strong resistance.
However, the DOGE/USD could fall below $0.065. This is considered the nearest support level where the next possible higher low will be made in the coming days.
DOGE's total market cap is $9.83B on the daily chart| Source: TradingView.com
Once that retest is done, another attempt to rally above $0.069 is expected – and perhaps cruise past the $0.070 barrier. If DOGE drops below $0.0625 resistance, then further downside could be possible in the coming days.
DOGE/USD today is expected to show a bearish move due to the minor retrace, which has now shifted into consolidation. Dogecoin won’t likely move higher, and it will tend to retrace at the end the week.
DOGE may easily breach $0.075
Dogecoin transaction volumes have risen to over 70,000 in just 24 hours. Whales may have been staking more DOGE, which could explain the sudden rise in transaction volume.
The DOGE transaction volume is increasing can be a sign of selling pressure. Whales might move funds strategically from cold wallets into crypto exchange addresses.
Dogecoin is doing well. DOGE trades currently at $0.074, up 25% since the beginning of July.
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Train Magazine. Chart by TradingView.com.