Dogecoin [DOGE] Becomes 5th-largest Crypto As It Defies Market-Wide Pullback thumbnail

Dogecoin [DOGE] Becomes 5th-largest Crypto As It Defies Market-Wide Pullback

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Dogecoin [DOGE] Becomes 5th-largest Crypto As It Defies Market-Wide Pullback

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Dogecoin [DOGE] is now the fifth-largest cryptocurrency by market cap after stealing the spot from the stablecoin Tether [USDT] on the 20th of April. As the collective cryptocurrency market suffered yet another pullback, the meme coin was the only asset to have posted gains after forming a constructive base. It raked in weekly gains of 460%.

The crypto-asset has reached unprecedented heights in recent weeks which brought about bubble concerns. DOGE has found massive fan following, and celebrity backing off late and then there is Elon Musk who continued to hail the joke currency’s enduring success.

Dogecoin [DOGE] was being traded at $0.408 after a surge of 9.44% over the past 24-hours. The coin registered a market cap of $53.12 billion and a 24-hour trading volume of $33.21 billion, at the time of writing.

Dogecoin [DOGE] 24-hours Price Chart:

DOGE 1

DOGE hit yet another ATH amidst a market downturn. This, in turn, pushed the volatility after hints of convergence by Bollinger Bands depicting more room for growth.

The upsloping moving averages, the 50 DMA [Pink] and 100 DMA [Purple] had settled well below the DOGE price candles and depicted a bullish phase for the coin while forming key support levels.

DOGE2 1

The long green closing bars of Awesome Oscillator depicted a strong bullish momentum in DOGE’s market that could potentially aid in the coin’s climb to unchartered levels.

Following the bullish crossover, the MACD has climbed significantly which depicted that the buying demand has intensified for the digital asset.

The RSI, as well, noted a similar sentiment of rising buying pressure among the investors in the market as it continued to strengthen its stay above the overbought conditions.

The nearest resistance level lies at $0.445, upon breaching which, Dogecoin can establish new highs. On the other hand, the support levels were found to be at $0.28, $0.091 and $0.065 respectively.

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