Why Is Dogecoin Moving Up Today In Defiance Of Wider Crypto Market Slump? – Dogecoin – United States Dollar ($DOGE)
Dogecoin (CRYPTO: DOGE) traded 3.71% higher over 24 hours at $0.255 early Friday.
What’s Moving? The Shiba Inu-themed cryptocurrency has gained 1.6% over the last seven days.
Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE rose 4.36% and 6% respectively over 24 hours.
Since the year began, DOGE rose 4357.95% — touching an all-time high of $0.74 in early May.
See Also: How To Buy Dogecoin (DOGE)
Why Is It Moving? DOGE was up despite major coins like BTC and ETH trading in the red over 24 hours. The global cryptocurrency market cap declined 1.66% to $2.16 trillion at press time.
DOGE did not see high interest on Twitter at press time and was mentioned in 1,528 tweets, as per Cointrendz data. For comparison, Solana (CRYPTO: SOL), was mentioned in 9,996 tweets.
As per, Martha Reyes-Hulme, the head of research of BeQuant — a cryptocurrency trading platform, “It’s definitely altcoin season,” reported CoinDesk.
Lukas Enzersdorfer-Konrad, Chief Product Officer at Bitpanda noted that BTC’s market dominance has declined to 40% as “most altcoins have recovered faster” after the recent crash post “Bitcoin Day.”
On late Thursday evening, DOGE retested a key support level at $0.234 but popped back up above the descending trendline.
As per Benzinga’s Melanie Schaffer, there is a “mild hidden bearish divergence on Dogecoin’s chart.”
Schaffer noted that while the price of DOGE has fallen lower, the relative strength index has risen slightly. “This indicates a bearish trend may continue before bulls come in to change the trend.”