HomeHere is why Dogecoin is up by nearly 10% today

Here is why Dogecoin is up by nearly 10% today

Hassan Maishera

Dogecoin is one of the best performers amongst the top 20 cryptocurrencies by market cap.

The cryptocurrency market has been performing well so this week. In the last 24 hours, the broader market has added more than 2.5% to its value. As a result, the total cryptocurrency market cap currently stands above $1.9 trillion. 

Bitcoin, the world’s leading cryptocurrency, has surpassed the $43k resistance level and could reach $45k soon if the bullish momentum continues. Ether continues to trade above $3,000 and could eye the $3,500 psychological level soon.

DOGE, the native token of the Dogecoin ecosystem, is up by more than 9% so far today, making it one of the top performers amongst the leading 20 cryptocurrencies by market cap.

The primary catalyst behind DOGE’s ongoing positive performance is the news that Bitcoin of America has added Dogecoin to its cryptocurrency ATMs. This implies that DOGE coins would now be available for deposit and withdrawal at the various Bitcoin of America ATMs across the United States. 

Dogecoin joins Bitcoin and Ethereum on the list and will now be available at over 1800 BTMs across 31 states in the US.

Key levels to watch

The DOGE/USD 4-hour chart is currently bullish as Dogecoin has outperformed most of the other leading cryptocurrencies. Its technical indicators are also bullish, thanks to the ongoing rally.

The MACD line has been above the neutral zone since the start of the week, as DOGE’s value has increased by 17% in the last seven days. The 14-day RSI of 56 shows that DOGE could enter the overbought region if the current market momentum is maintained.

At press time, Dogecoin is trading at $0.1353 per coin. DOGE could surpass the first major resistance level at $0.1455 before the end of the day if the bulls remain in control.

In the event of an extended rally, DOGE could trade above $0.15 for the first time since February.

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