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Dogecoin is now showing signs of renewed vitality as the crypto market also starts to flex some muscle.
Meme coins are now getting more attention as the major crypto continue to pick up and soar. Dogecoin (DOGE) is seen to be moderately volatile trading along the range of $0.0655 to $0.06867 overnight.
The crypto space is blinking green as Bitcoin ushers with a gain of 0.82 percent, Ethereum spikes at over 4%, and Solana joins the party as the biggest gainers with 10%.
DOGE trading volume has spiked by 21.22 percent or a total of $528.5 million. The coin now ranks in the 10th place with a total market cap of $9 billion.
DOGE has failed to break higher for the past couple of hours which is indicative of further retracement or retesting.
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Dogecoin Reaches $0.069 Resistance Level
On the brighter side, Dogecoin is seen to move forward from a previous low of $0.058 to hit the $0.069 major resistance level.
With that in mind, the losses that have been incurred in the early days of July has already been retraced and a reversal is set to happen anytime soon. Can DOGE now easily breach past the $0.070 to $0.075?
But, for now, there is no lower low set, so rallying may be expected once a new higher local low is set.
As of now, the Dogecoin price may have difficulty to break higher than the $0.069 mark because it still offers a forceful resistance.
On the other hand, DOGE/USD may slide down below $0.065 which is seen as the closest support where the next probable higher low can be set over the next couple of days.
DOGE total market cap at $9.83 billion on the daily chart | Source: TradingView.com
Once that retest is done, another attempt to rally above $0.069 is expected – and perhaps cruise past the $0.070 barrier. Now, if DOGE happens to drop below the resistance mark of $0.0625, further downside may be reached in the next few days.
DOGE/USD is seen to have a bearish movement today due to the slight retrace that shifted into a consolidation. With that in mind, Dogecoin will not likely go higher and will have a tendency to retrace further at the end of the week.
DOGE May Easily Breach $0.075
Meanwhile, Dogecoin transactions surged with over 70,000 numbers changing hands in the last 24 hours. The sudden spike in transactions may be the result of whales staking more DOGE.
More so, the increased DOGE transactions can also be indicative of a massive selling pressure as whales may strategically move their funds from cold wallets to crypto exchange addresses.
Dogecoin has consistently been doing great. As of this writing, DOGE is currently trading at $0.074, up 25% in the last seven days.
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Featured image from Train Magazine, chart from TradingView.com