Dogecoin and Meme Coins Experience Bullish Rally
Dogecoin (DOGE) is once again riding the bullish wave, experiencing significant gains along with other meme coins like Pepe Coin and Floki Inu. This surge is attributed to the excitement surrounding exchange-traded funds (ETFs), and the momentum shows no signs of slowing down.
Kaiko, a prominent figure in the crypto market, has drawn attention to the impressive price hikes in the meme coin sector. The positive atmosphere surrounding these meme coins has created excitement in the crypto sphere.
$AVAX and $DOGE are up 10% while $AAVE is down .25% over the past 24 hours.
Most markets continue to surge amid the ETF hype.
Source: pic.twitter.com/8Wta3fws49
— Kaiko (@KaikoData) October 26, 2023
Kaiko also pointed out that the broader cryptocurrency market is benefiting from this newfound optimism.
Dogecoin’s Role In The ETF Frenzy
The anticipation of a spot Bitcoin exchange-traded fund (ETF) has created excitement in the cryptocurrency market. This enthusiasm has impacted not only Bitcoin’s prices but also altcoins like Dogecoin.
In the past, a surge in Dogecoin prices has signaled a local high for Bitcoin and other major tokens. Traders are closely monitoring Bitcoin’s price as Dogecoin continues to rise.
Caution Amid Overbought Conditions
While the Dogecoin rally is capturing attention, caution is advised. The Relative Strength Index (RSI) on the four-hour chart suggests an overbought condition, with an RSI of 80. This indicates a possible correction in the future.
Traders should watch for signs of the RSI retreating to the neutral area below 70, which could be a signal to close positions. However, they should remain vigilant for potential buying opportunities during future price dips.
At the time of writing, Dogecoin’s price stands at $0.070810, with a marginal 24-hour dip of 0.7%. However, it has experienced an impressive seven-day rally of 18.9%, showcasing its resilience in the face of market fluctuations.
Hot Take: Dogecoin’s Journey to $0.1
The ongoing surge in meme coins raises the question of whether Dogecoin can break through the $0.1 barrier. As investors and enthusiasts closely monitor its price movements, the cryptocurrency market remains a hub of excitement and speculation.
Featured image from Shutterstock
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