- Dogecoin climbs 130% in eight days, overcoming resistance and eyeing $0.279 driven by meme coin rally.
- Investors advised to lock in gains at $0.331 and buy on dips above $0.116 in the face of cryptocurrency market volatility.
Have you noticed how Dogecoin has been on everyone’s lips lately? And no wonder! DOGE has catapulted an impressive 130% in just eight days, as previously reported by ETHNews. This phenomenon not only demonstrates the volatility and dynamism of the cryptocurrency market, but also marks a turning point for the so-called memecoin. But what is really driving this astronomical escalation?
Technical Analysis Favor DOGE
The answer could lie in the technical indicators. With Relative Strength Index (RSI) reaching 85 and the Awesome Oscillator (AO) histograms showing vibrant green above the zero line, DOGE has not only broken the weekly resistances of $0.116 and $0.181, but has also set its eyes on the next target: $0.279.
This momentum, as ETHNews indicated earlier, is clearly supported by the massive rally that meme coins are experiencing. However, this begs the question, what should investors do at this point?
The strategy to follow seems to be twofold
On the one hand, remaining cautious and being prepared to “buy on the dips” above the $0.116support level is essential, experts advise. This approach not only allows investors to maximize their potential gains but also to minimize losses in such an unpredictable market.
On theother hand, and following reports from ETHNews, some investors who have accumulated significant gains may find it prudent to lock in some of those gains around the$0.331 level .
This price not only represents a breakeven point for a large portion of DOGE holders but could also be a critical level for making adjustments ahead of potential market readjustments.
While the outlook for Dogecoin remains bullish and the meme coin market continues its upward course, investors would do well to navigate these waters with a mix of optimism and strategic caution. After all, in the memecoin sector, being prepared for any eventuality is the key to not only surviving but thriving.
Now, let’s talk about the big picture of the memecoins market
Dogecoin (DOGE) and Shiba Inu (SHIB) have generated over $29 billion in trading volume in one day, and among the thematic tokens, dogwifhat (WIF) has been the star with a 593% increase in the last month. Meanwhile, Pepe, which had been dormant for a while, has seen a 720% increase in the last 30 days.
The current price of Dogecoin (DOGE) is approximately 0.1807 USD, down slightly by 0.0009 USD or about -0.50%. Over the last week, Dogecoin has seen a dramatic increase of 102.24%, and over the last month, the price has risen 129.73%.
