Key Takeaways
- The TRX token from Tron recently surpassed Dogecoin to become the eighth largest cryptocurrency by market capitalization.
- DOGE is currently up 5.5% in the last 24 hours and may recover after breaking a key resistance level.
DOGE Market Cap Hits $24 Billion, Sets Sights on TRX
Dogecoin (DOGE), the native coin of the Dogecoin ecosystem, continues to perform well among the top ten cryptocurrencies by market capitalization. The coin has experienced a 5.5% increase over the past 24 hours, trading at $0.1626.
Despite market volatility triggered by the recent U.S.-Iran conflict, DOGE has shown resilience. However, it lost its eighth position to Tron’s TRX last week.
Nonetheless, DOGE may soon overtake TRX if its current rally continues. With a market capitalization of $24.3 billion, it is slightly behind TRX, which stands at $25.6 billion. After rebounding from a two-month low of $0.1508, technical indicators suggest potential upwards movement for Dogecoin.
DOGE May Retest Resistance Levels of $0.17 to $0.18
The 4-hour chart for the DOGE/USDT pair has turned bullish due to the ongoing market recovery. As of this report, Dogecoin is priced at $0.16356, with short-term increases expected.
While price action remains uneven, DOGE may retest support at $0.15788 before attempting to breach the next resistance level at $0.18060. A sustained rally could push DOGE to the upcoming resistance level of $0.20 in the coming days.
The RSI at 56 indicates that buyers are gaining control of the DOGE/USDT pair, potentially driving prices higher. Additionally, MACD lines are poised to move into positive territory, signifying strong bullish momentum.
Despite bullish signs, geopolitical tensions in the Middle East remain precarious and could worsen. Should a bearish trend emerge, DOGE might retest lows of $0.145.
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