Main navigation

DOGE 8% Price Increase Puts Memecoin at Top of Crypto Market

Sat, 09/24/2022 - 12:16
article image
Arman Shirinyan
Memecoin's surprising price increase puts it at top of market in terms of profitability
DOGE 8% Price Increase Puts Memecoin at Top of Crypto Market
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Dogecoin's most recent 8% rally was one of the most unexpected price performances on the market, considering the issues the memecoin had with moving toward upper resistance levels. However, the breakout above the local resistance level could bring us some pleasant surprises.

The breakthrough above the 50-day moving average is an important sign for the market, since memecoin rallies usually herald an upcoming inflow season to the market in general as retail traders and investors seek quick profits with the help of volatile assets like Dogecoin and Shiba Inu.

Doge Chart
Source: TradingView

If we compare the historical performance of those assets with more fundamental cryptocurrencies like Bitcoin or Ethereum, inflows to the latter come with a slight delay compared to memecoins and tokens because of the aforementioned reasons.

As for now, we are seeing a similar tendency when large caps "lag behind" compared to Dogecoin or even Shiba Inu, which is also showing a prominent gain in the last two or three days.

The trading volume and market flow suggest that both Ethereum and Bitcoin are seeing a slight relief after the massive sell-off we faced recently. Despite the weekend trading session, which usually has a relatively low trading volume, the positive shift on the market could bring us back to the recovery track that the digital asset market lost a few weeks ago.

DOGE May Soon Break Out Despite Overall Market Negativity: Report

In order to stay in the ascending price range, Dogecoin would need to gain a foothold above the 50-day moving average, which is a complicated task considering the lack of inflows to the memecoin we are seeing today.

At press time, Dogecoin is trading at $0.065 and gaining around 7% to its value in the last 24 hours.

article image
About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.