- DOGE price rallied shortly after Shiba Inu overtook Dogecoin to become the eighth-largest cryptocurrency by market value.
- Dogecoin skyrockets even as other dog coins break into a rally.
- DOGE must hold above the 200-day SMA at $0.2836 to continue the rally.
Dogecoin (DOGE) rallied by approximately 46% bouncing off the 50-day Simple Moving Average (SMA) around $0.2389 to hit an intra-day high above $0.35 for DOGE price on Thursday.
Analysts have noted a significant shift of capital from top-ranked cryptocurrencies by market value to dog coins as the market gets steamed up. DOGE has recorded a 27% rally over the last 24 hours as SHIB rallied approximately 40% over the same period (190% in seven days).
The Less popular dog-themed coins FLOKI and SAMO skyrocketed by triple digits of 125% and 113% within the day.
This amid a season of Dog-themed cryptocurrencies rallies as proponents debate whether this marks the end of the recent Bitcoin bull run.
Pseudonymous crypto analyst and investor @LilMoonLambo told his over 137,000 followers on Twitter that the BTC top is in for the year 2021.
DOGE Price Trades Above $0.03
Dogecoin price soared on October 28 as the DOGE Army reacted to SHIB’s overtake of the DOGE coin to claim the number 8 position in terms of market cap ranking, according to data from CoinMarketCap.
The sudden rally has pushed Dogecoin’s market value to $39,764,327,863, a mark the Shiba Inu earlier surpassed, with the two ‘meme-coins’ now battling on who will come out at the top.
At the time of writing, DOGE price hovers at $0.3015, rising after yesterday’s correction and faces resistance from immediate resistance above the $0.30 supply zone (the red band).
A closure above this point could see DOGE continue the rally to rise above the red band at $0.31 to tag the August 16 range high above $0.3572.
The sharp rising Relative Strength Index (RSI) towards the overbought zone and the position of the MACD above the zero line validate this bullish narrative.
DOGE/USD Daily Chart
On the flipside, if DOGE bulls are unable to sustain the current momentum, Dogecoin price may slip below the 200-day Simple Moving Average (SMA) at $0.2836. If this happens, DOGE price may drop further to seek support at the 100-day SMA at $0.2475 or the 50-day SMA at $0.2354.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.