Why Is Dogecoin Moving Up Today In Defiance Of Wider Crypto Market Slump?

Dogecoin DOGE/USD traded 3.71% higher over 24 hours at $0.255 early Friday.

What’s Moving? The Shiba Inu-themed cryptocurrency has gained 1.6% over the last seven days.

Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE rose 4.36% and 6% respectively over 24 hours.

Since the year began, DOGE rose 4357.95% — touching an all-time high of $0.74 in early May.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving?  DOGE was up despite major coins like BTC and ETH trading in the red over 24 hours. The global cryptocurrency market cap declined 1.66% to $2.16 trillion at press time.

DOGE did not see high interest on Twitter at press time and was mentioned in 1,528 tweets, as per Cointrendz data. For comparison, Solana SOL/USD, was mentioned in 9,996 tweets.

As per, Martha Reyes-Hulme, the head of research of BeQuant — a cryptocurrency trading platform, “It’s definitely altcoin season,” reported CoinDesk.

See Also: Bitcoin Proponent And El Salvador President Nayib Bukele Is On Time's 100 Most Influential People List Alongside Ethereum's Vitalik Buterin — But Not For The Right Reasons

Lukas Enzersdorfer-Konrad, Chief Product Officer at Bitpanda noted that BTC’s market dominance has declined to 40% as “most altcoins have recovered faster” after the recent crash post “Bitcoin Day.”

On late Thursday evening, DOGE retested a key support level at $0.234 but popped back up above the descending trendline.

As per Benzinga’s Melanie Schaffer, there is a “mild hidden bearish divergence on Dogecoin’s chart.”

Schaffer noted that while the price of DOGE has fallen lower, the relative strength index has risen slightly. “This indicates a bearish trend may continue before bulls come in to change the trend.”

Meanwhile, self-described DOGE-killer, Shiba Inu SHIB/USD has made it to Coinbase Global Inc COIN on both the iOS and Android apps after listing on Coinbase Pro recently. 

Read Next: This Cryptocurrency Has Better 4-Year Returns Than Dogecoin, Bitcoin, Ethereum

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasdogecoinMeme Coins
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!