Dogecoin Makes Major Gains Monday
One of the big earners Monday morning is Dogecoin (DOGE), up 4.82% for the day.
As the memecoin looks bullish, the crypto market is off to a running start for the beginning of the week. There is incredible momentum behind this coin right now, indicated by a massive 78% increase in trade volume over the last 24 hours.
Dogecoin is now up to $0.08773, but it still has some ground to make up to get back to where it was in December, just past the $1 mark. Over the last month, DOGE has gained 15%, and it looks like it could go much higher very soon.
Even major movers today like Ethereum (ETH), Internet Computer (CP) and Polygon (MATIC) are not keeping pace with Dogecoin. The memecoin’s incredible gains can be partially attributed to a strong crypto currency market. With Bitcoin going bullish for weeks, the entire market is being lifted up.
Can Dogecoin’s Upward Trend Continue?
Dogecoin exhibited steady gains for over a week, and even when it dipped, the coin managed to recover decently. On Sunday, some analysts were predicting a potential breakout for the coin, and today’s climbing rate makes that a distinct possibility.
Indicators point toward weakening sentiment soon, but for now, the coin is up and vibrant. Sentiment for Dogecoin is down despite the coin’s upward movement. This means that it could have trouble getting above $0.09 and staying there. We could see the bulls push it for a bit, but that probably will not last.
There have been no circulation spikes as of late, which means that selling pressure is not very high at the moment. We may be seeing the tail end of its bull trend before it dips down again. However, Dogecoin’s recent strength indicates that any dip might not be lengthy.
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