Dogecoin price has exploded after a breakout above the accumulation range. The dog-themed cryptocurrency is looking very strong as the bullish sentiment returns in the crypto markets. Consequently, the DOGE price is outperforming many altcoins this week.
After the fake news drama that unfolded last week, Bitcoin price has had a strong rebound. The leading cryptocurrency has finally broken above the $30,000 level, which was one of the biggest resistances on its chart. This has triggered a FOMO wave in the memcoins investors, which is causing a surge in DOGE.
Dogecoin has exploded this week and is looking very bullish. At press time, the memecoin price was up 7.4%. This positive price action can be attributed to the recent bullishness in the digital asset markets.
Why Is Dogecoin Price Surging?
The ongoing bullish wave in the digital asset markets is fuelled by the anticipation of the spot Bitcoin ETF approval. Last week’s fake news about the approval of BlackRock’s spot Bitcoin ETF showed the impact a real approval can have on crypto prices.
This has led to a market-wide rally in cryptocurrencies which have been facing strong headwinds for the past two years. Dogecoin price initially lagged but it is catching up very quickly. In case of a confirmed breakout, its price outlook would become very bullish.
According to the latest Dogecoin news, the biggest memecoin by market cap can now be bought via a range of global banking payment methods. This is a result of BitPay’s recent partnership with Banxa. The partnership is expected to reduce the financial friction involved in digital asset investment.
DOGE Targets $0.1 As Altcoins Surge
The latest surge in the altcoin prices can be explained by a pullback in the Bitcoin dominance. After hitting 54.5% at the start of the week, BTC.d is having a correction. Currently, the market dominance of the biggest cryptocurrency stands at 53.94%.
This correction in BTC.D has resulted in a positive altcoin price action as the traders move their profits from Bitcoin to altcoins. A 0.37% rise in the Total 3 market cap backs this thesis. DOGE price has emerged as one of the best perfoming altcoins today with a more than 7.4% surge in a single day.
Dogecoin Price Outlook
The DOGE to USD chart shows that the memecoin is attempting to break out from the downward trendline. This line which is shown as a black line on the following chart, has been acting as a dynamic resistance for the price of the most popular dogcoin. A breakout above this line will break the downtrend and make Dogecoin price prediction extremely bullish.
Another sign of strength is the breakout above the 200 MA which has given bulls a lot of momentum. However, the breakout from the downtrend is still not confirmed, and the next 48 hrs would be very critical for Dogecoin.
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Source: https://www.analyticsinsight.net/dogecoin-price-prediction-doge-explodes-as-btc-rally-cools-down/