As it breaks resistance levels like it’s nothing, Dogecoin (DOGE) could surprise the cryptocurrency market.
The 50-day Exponential Moving Average’s key resistance line, which is sometimes seen as a barrier between downward and rising trends, is approaching, according to the daily timeframe of the cryptocurrency, DOGE.
Dogecoin, one of the most profitable assets on the cryptocurrency market, will be prepared for a significant recovery rally in the event of a breakthrough. Its value has already increased by over 40% in the last week.
The 21-day Moving Average, which is employed as a signal line during strong downtrends or uptrends, was easily breached by DOGE throughout the run. Assets are now considered “reversal candidates” as a result of the line’s breakthrough.
The rise of meme currencies
Shiba Inu, considered to be Dogecoin’s “competitor,” has also displayed a great performance on the cryptocurrency market, gaining 50% over the last five days, making it one of the strongest assets among the top 100 cryptocurrencies by market value.