Dogecoin Is Rallying 8% Monday Morning — Analyst Says $0.40 In Sight If The Coin Holds This Support
Dogecoin (CRYPTO: DOGE) was leading the large-cap cryptocurrencies early Monday morning, overshadowing Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
What happened: The dog-themed memecoin jumped over 8% over the last 24 hours, surpassing $0.27 for the first time since early February. DOGE was also the biggest gainer among the top 10 coins by market capitalization in this period.
The coin's trading volume lifted 56% to $6.14 billion in the last 24 hours, indicating high trader interest and market liquidity. The latest uptick pushed DOGE's weekly gains to over 33% and monthly returns to 69%.
Well-known cryptocurrency analyst and trader Ali Martinez said that DOGE was breaking out and could target $0.33 and $0.40 if the $0.25 support holds.
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Meanwhile, the crucial Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, flashed a "Buy" signal for DOGE, according to TradingView.
However, the Bull Bear Power indicator, which measures the strength of buyers and sellers, gave a "Neutral" reading.
As of this writing, about 74% of derivatives traders on Binance with open DOGE positions were betting on the coin's upside, according to the Long/Short ratio.
The coin’s rally has been bolstered after Nasdaq-listed Bit Origin Ltd. (NASDAQ:BTOG) announced plans to create a Dogecoin treasury, becoming the first of its kind to designate the multi-billion-dollar meme coin as a core reserve asset.
Price Action: At the time of writing, DOGE was exchanging hands at $0.2747, up 8.22% in the last 24 hours, according to data from Benzinga Pro.
Shares of Bit Origin were up 5.83% in pre-market trading after closing 23.6% higher at $0.7800 during Friday’s regular session.
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Posted-In: Cryptocurrency
