Dogecoin jumps 10% in 24 hours
Dogecoin seems to be under significant buying pressure, and the indicators show increased potential for an uptrend. The bullish gains have appeared within the past 24 hours, and if the Dogecoin community can maintain it, then notable gains could be seen in the coming weeks and months.
Dogecoin’s trading volumes during the past 24 hours have been high, which could explain the bullish price movement. The 24-hour trading volumes currently stand at $960 million, with its market cap hitting $8.7 billion, ranking it the tenth-largest cryptocurrency by this metric.
Dogecoin has been on a steep decline this year as the bears have erased most of the gains this memecoin has made. DOGE has dropped by 90% from an all-time high created in May last year. In 2021, Dogecoin reacted strongly to Elon Musk’s tweets, but this seems to be no longer the case, as bullish momentum is yet to be created.
The Relative Strength Index (RSI) shows a strong bullish momentum for Dogecoin. As seen above, Dogecoin’s RSI currently stands at 53, showing buyers actively buying the token to take advantage of the ongoing price gains.
The other indicator that also shows bullish signs is the Moving Average Convergence Divergence (MACD). The MACD line is currently on the signal line, with the earlier movements showing that bears have been losing control. The bullish momentum could be maintained if Doge holds support levels above $0.06.
On the other hand, there is also a possibility that declines could be on the way. Dogecoin’s current bullish gains do not show signs of being sustained, with the resistance level of $0.068 being one of the hindrances to a continued uptrend. Therefore, there is a high possibility that DOGE will consolidate and return to trading at $0.059.
The 24-hour bullish gains made by Dogecoin follow a mention of the memecoin by the co-founder of Ethereum, Vitalik Buterin. Buterin appeared on a video chat at the Mainnet conference, where he said that he was hopeful that the memecoin network would migrate to a proof-of-stake blockchain.
Buterin also added that “I hope that Zcash moves over. I am also very hopeful that Dogecoin is going to evolve over to proof of stake at some point soon.”
The Ethereum Merge was considered one of the most successful events in the blockchain sector. The memecoin community is now hopeful that such a transition will trigger more gains, which is the reason behind the momentum to buy Dogecoin.