The Dogecoin price has deviated from other cryptocurrencies. The currency has jumped to the current $0.3910, which is 25% above the lowest level since yesterday. It has risen by 10% in the past 24 hours and its market capitalisation has jumped to more than $48 billion, making it the 6th-biggest cryptocurrency in the world. Other cryptocurrencies like Bitcoin, Ether, and Cardano have barely moved in the past 24 hours.
Dogecoin news: Like all cryptocurrencies, Dogecoin declined sharply in the past few days. At its lowest level in May, the currency was down by more than 70% from its highest level on record. Today, the coin is about 70% above the lowest level on May 19th. This price action is mostly because of the ongoing activities in social media where the so-called meme stocks have done well.
For example, the AMC stock price rose by 22.6% on Tuesday and by 17.6% in the aftermarket. Similarly, other meme stocks like GameStop and Blackberry surged by more than 10%. This is notable since Dogecoin is seen as the biggest meme coin in the world.
Turning to the four-hour chart, we see that the DOGE price crossed the key resistance level at $0.3800 earlier today. This was an important level since it was the highest level since May 25. The 25-day and 50-day exponential moving averages (EMA) are close to make a bullish crossover. The price has also moved above the 61.8% Fibonacci retracement level.
Therefore, the pair may keep rising as bulls target the next resistance at $0.4578, which is along the 50% retracement level. It is also about 16% above the current level. However, a drop below $0.3400 will invalidate this prediction.
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