The broader cryptocurrency market has been underperforming over the past 24 hours but Dogecoin has been performing well.
The crypto market is having a poor start to the week. The market has lost less than 1% of its value over the past 24 hours and the total market cap currently stands above $950 billion.
Bitcoin has maintained its price above the $21k resistance level while Ether is trading above $1,200 despite losing more than 1% of its value in the last 24 hours.
However, DOGE, the native token of the Dogecoin ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. DOGE has added more than 9% to its value over the past 24 hours, outperforming the broader cryptocurrency market in the process.
There is no immediate catalyst behind DOGE’s ongoing rally. The cryptocurrency’s daily trading volume currently stands above $1.1 billion, which is over 100% above what it recorded yesterday.
Key levels to watch
The DOGE/USD 4-hour chart is currently bullish as Dogecoin has been performing excellently in recent days. The technical indicators show that Dogecoin is outperforming the other major cryptocurrencies so far today.
The MACD line is above the neutral zone, indicating bullish momentum. The 14-day relative strength index of 76 shows that Dogecoin could soon enter the overbought region.
At press time, DOGE is trading at $0.0779 per coin. If the rally continues, DOGE could surge past the first major resistance level at $0.0833 before the end of the day.
However, DOGE would need the support of the broader market to surpass the $0.090 resistance level.
The bear market is still in play, which means DOGE could shed some of the profits it had previously accumulated. If that happens, DOGE could drop below the $0.070 over the next few hours.