Dogecoin (DOGE) is riding the bullish wave once again, experiencing a substantial rally with double-digit gains. Notably, selected tokens such as Pepe Coin and Floki Inu have also joined the meme coin rally, surging by double digits within a week.
Market analysts and enthusiasts are attributing this surge to the ongoing excitement surrounding exchange-traded funds (ETFs), and the price momentum shows no signs of slowing down.
Kaiko, a prominent figure in the crypto market, was quick to draw attention to the impressive price hikes in the meme coin sector. Pepe Coin and Floki Inu, along with Dogecoin, have been leading this charge. The excitement surrounding these meme coins has created a positive atmosphere in the crypto sphere.
$AVAX and $DOGE are up 10% while $AAVE is down .25% over the past 24 hours.
Most markets continue to surge amid the ETF hype.
Source: https://t.co/tihRplvItm pic.twitter.com/8Wta3fws49
— Kaiko (@KaikoData) October 26, 2023
Kaiko pointed out that “most markets continue to surge amid the ETF hype,” indicating that the broader cryptocurrency market is also benefiting from this newfound optimism.
Dogecoin’s Role In The ETF Frenzy
The cryptocurrency market has been buzzing with anticipation of a spot Bitcoin exchange-traded fund (ETF) for quite some time. This excitement has had a direct impact on Bitcoin’s prices, and it has spilled over into the altcoin sector, benefitting Dogecoin among others.
Traditionally, a surge in Dogecoin prices has signaled a local high for Bitcoin and other major tokens. As a result, traders are keenly monitoring the Bitcoin price as Dogecoin maintains its upward momentum.
DOGE market cap currently at $9.947 billion on the daily chart: TradingView.com
Caution Amid Overbought Conditions
While the Dogecoin rally is capturing the attention of traders and investors, caution is warranted. The Relative Strength Index (RSI) on the four-hour chart is currently holding at 80, indicating that the market is in an overbought condition. This suggests that a correction may be on the horizon.
Traders are advised to keep a close eye on the RSI, and any signs of it retreating to the neutral area below 70 should be taken as a signal to close positions while remaining vigilant for potential buying opportunities during future price dips.
At the time of writing, the current price of Dogecoin, according to CoinGecko, stands at $0.070810, with a marginal 24-hour dip of 0.7%. However, the cryptocurrency has boasted an impressive seven-day rally of 18.9%, showcasing the resilience and enduring appeal of the meme-based digital asset in the face of ongoing market fluctuations.
In the midst of the meme coin surge, the question of whether Dogecoin (DOGE) can break through the $0.1 barrier looms large. As investors and enthusiasts closely monitor its price movements, the cryptocurrency market continues to be a hub of excitement and speculation.
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