The recent rise in the price of a currency Dogecoin By 8% is one of the most unexpected quotes in the market, considering the problems DOGE has had with its move towards higher resistance levels. However, a break above the local resistance level may bring us some pleasant surprises.
A breakout above the 50-day moving average is an important market sign, given that price rallies DOGE It usually heralds a streaming season coming into the market in general, as retail traders and investors seek quick profits with the help of volatile assets such as the Dogecoin and Shiba Inu.
Notably, if we compare the historical performance of those assets with more major cryptocurrencies like Bitcoin or Ethereum, inflows to the latter come with a slight delay compared to meme coins for the reasons mentioned above.
We’re seeing, likewise, a trend when big coins “lag” compared to Dogecoin or even sheba Ino, which is also showing significant gains in the past two or three days.
The trading volume and market flow indicate that both Ethereum and Bitcoin are seeing a slight relief after their recent heavy sell-off.
Despite the weekend trading session, which is usually of relatively low volume, the positive turn in the market may bring us back to the recovery path that the digital asset market lost a few weeks ago.
Requirements for the continuation of the upward trend
In order to stay in the upward price range, the Dogecoin price needs to gain a foothold above the 50-day moving average, which is a complicated task given the lack of DOGE inflows that we see today.
Dogecoin is trading at $0.065 (at press time), up around 7% over the past 24 hours.
Follow | Al-Nahda News _ Hossam Mohamed