Risk appetite is rising in financial markets amid growing hopes of a Fed turnaround. However, cryptocurrencies are lagging behind, Except some coins. dogecoin Doge/US Dollar Outperformed among the top cryptocurrencies of the week.
What happened: Doge started Monday’s session near $0.077 and remained mostly below the $0.082 level through Thursday. After closing Thursday’s session at $0.081481, the dog-themed cryptocurrency rose about 10% before settling at $0.089475 on Friday. The cryptocurrency closed below that level after breaking above $0.09 for the first time since the Nov. 14 session.
Doge showed renewed buying interest on Saturday, gaining more than 9%.
At our last check, Doge was up to $0.092434. Benzinga Pro data.
More importantly, the rally’s strength was more assured as the volume increased as it climbed. Trading volumes increased from about 360.33 million on Thursday to his 1.32 billion on Saturday.
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Future plans: of The $0.10 level can be psychological resistance for Doge. If this level is crossed, it could hit the highest price range since early November. A recent run saw a bullish crossover as the 100-day moving average was slightly above his 200-day moving average.
However, a relative strength index of 55 has reached the neutral zone.
If the Doge convincingly breaks out of the $0.092 level (which is also the resistance level since mid-June), it could challenge the next resistance near $0.112. Despite the recent moderate rally, the cryptocurrency is trading well below his all-time high of $0.737567 reached in May 2021.
Memecoin may need the help of some catalysts to promote a sustainable rally.As seen in the case of stock markets, a Fed moratorium or at least a slowdown in the pace of rate hikes could lead to an increase in overall market risk appetite.
Elon Musk There was one thing that had a big impact on Doge when he reached his all-time peak. If Tesla’s CEO can talk about the currency, it could go higher. Also, the collapse of the cryptocurrency exchange FTX has cast doubt on the credibility of digital currencies. The overhang should be lifted to infuse more positivity into the space.
Read the following: How to buy Dogecoin (DOGE)