Dogecoin Price Up 7.99% – Time to Buy DOGE Coin?

Dogecoin has been one of the stand-out stars despite having little utility, and it even momentarily eclipsed automobile giant Ford Motors in a rush to the $1 mark. The Bitcoin knock-off is up almost 8% in a market climate that has seen Ethereum struggle for growth. This points to a good time to buy DOGE as meme coins take centre stage once more.

DOGE: Breaking Above The Bearish Trend

Dogecoin may not be as valuable as Bitcoin, but the digital asset is considered a more suitable successor to the ancient blockchain network.
DOGE is up 7.99% in the last 24 hours and trades at $0.2574692.

One week gain of 9.66% shows a strong interest in the meme king. The token controls much of the meme coin sub-sector and has a 1.38% market dominance in the overall blockchain space. Today’s rally has not only aided its price as its market cap has shot up 8.12% to 33.9 billion with a 24-hour trading volume of $4.7 billion after showing a 332.96% spike in trading activity.

DOGE’s strong bullish run comes as Bitcoin sheds its gains in the last 24 hours. The benchmark crypto-asset surged to $62,888.88 in the early hours of today but has since tailed off. It now rests at $61,813.78 and has dipped 2.87% since then.

DOGE Technical and Fundamental Analysis

The digital asset’s technical indicators show an admixture of market movement, with the bulls gaining a significant stake as meme coin trading ramps up once more.
DOGE currently soars above the 20-day moving average (MA) support price of $0.2327, showing that the digital asset is on a bullish stretch. The 200-day MA price of $0.2750645 sees DOGE trading slightly below the longer-term indicator, but a continued bullish momentum could see it surge above in the coming days.

The relative strength index (RSI) figure of 61.24 is still considered underbought given the popularity of the joke currency. However, this is expected to change as the oscillator shows a spike in the trendline.

Meanwhile, the moving average convergence and divergence (MACD) indicator indicates a tussle between the buy and sell signal. Both trendlines are trading on par, but the green trendline (indicating buy signal) is currently above.

This implies that this could be an ideal opportunity to buy DOGE because the asset could surge in the days ahead. Dogecoin’s price has largely remained on an uptrend given several adoptions. Movie exhibition giant AMC announced that it would be accepting the original Shiba Inu for its digital gift cards. This will see DOGE holders able to spend their tokens in booking movie tickets and buying snacks.

Also, long-time supporter and Dallas Mavericks owner Mark Cuban has recently beefed up his DOGE holdings. Making this known in a recent interview with CNBC, Cuban termed the parody coin as a fun way to gain exposure to the crypto space and monitor its impact on the market.

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