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Dogecoin gained significant strength and successfully advanced towards the $0.17 price level; the popular memecoin currently shows the strongest performance in the market, even surpassing Ethereum and Shiba Inu. In the last 24 hours, DOGE’s impressive rally has caught the attention of many investors, making it one of the best-performing cryptocurrencies in the market.
Interest in DOGE Continues
Among the reasons for Dogecoin’s recent rise are new individual investor interest and purchase volumes. This ultimately increases buying activity on the asset, thus creating high volatility in the DOGE price.
Dogecoin is currently indicating an upward trend by rising above the 50 EMA average for the first time. The relative strength indicator also points to the current bullish process, so more gains are expected in the short term. Additionally, the increasing volume reflects high buying pressure.
On the other hand, Ethereum and Shiba Inu could not show nearly the same performance. While Ethereum is quite stable in gaining slightly, Shiba Inu is struggling to break out of the current price range. Dogecoin’s continued outperformance compared to these two major cryptocurrencies indicates an even more interesting process.
What’s Happening in the Dogecoin Market?
Another factor fueling the rise in Dogecoin has been the positivity in the entire crypto market. With Bitcoin and other major cryptocurrencies showing signs of recovery, investors seem more willing to take risks on alternative cryptocurrencies like DOGE, and this regained confidence has truly boosted the cryptocurrency’s price.
If the current momentum continues and the bulls stay on Dogecoin’s side, there will be room to approach key resistance levels. One way or another, every memecoin except Dogecoin is going through a volatile process. Investors should be cautious during this period and take measures against potential liquidation processes, especially in the futures market.
