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Dogecoin (DOGE) is using the bullish wave as soon as once more, experiencing a considerable rally with double-digit beneficial properties. Notably, chosen tokens akin to Pepe Coin and Floki Inu have additionally joined the meme coin rally, surging by double digits inside every week.
Market analysts and fanatics are attributing this surge to the continuing pleasure surrounding exchange-traded funds (ETFs), and the value momentum exhibits no indicators of slowing down.
Kaiko, a distinguished determine within the crypto market, was fast to draw attention to the spectacular value hikes within the meme coin sector. Pepe Coin and Floki Inu, together with Dogecoin, have been main this cost. The pleasure 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.
Source: https://t.co/tihRplvItm pic.twitter.com/8Wta3fws49
— Kaiko (@KaikoInformation) October 26, 2023
Kaiko identified that “most markets continue to surge amid the ETF hype,” indicating that the broader cryptocurrency market can be benefiting from this newfound optimism.
Dogecoin’s Role 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.
Traditionally, a surge in Dogecoin costs has signaled an area excessive for Bitcoin and different main tokens. As a outcome, merchants are keenly monitoring the Bitcoin value as Dogecoin maintains its upward momentum.
DOGE market cap presently at $9.947 billion on the every day chart: TradingView.com
Caution Amid Overbought Conditions
While the Dogecoin rally is capturing the eye of merchants and buyers, warning is warranted. The Relative Strength Index (RSI) on the four-hour chart is presently holding at 80, indicating that the market is in an overbought situation. This suggests {that a} correction could also be on the horizon.
Traders 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 value dips.
At the time of writing, the present value of Dogecoin, in line with CoinGecko, stands at $0.070810, with a marginal 24-hour dip of 0.7%. However, the cryptocurrency has boasted a formidable seven-day rally of 18.9%, showcasing the resilience and enduring enchantment of the meme-based digital asset within the face of ongoing market fluctuations.
In the midst of the meme coin surge, the query of whether or not Dogecoin (DOGE) can break by the $0.1 barrier looms giant. As buyers and fanatics carefully monitor its value actions, the cryptocurrency market continues to be a hub of pleasure and hypothesis.
Featured picture from Shutterstock
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