Dogecoin gained massive upside momentum and is currently trying to settle above $0.32. shiba inuIt pulled back after an unsuccessful attempt to settle above $0.0000089.
Bitcoin and Ethereum are gaining some ground today, but leading coins look calm compared to the wild move in “dog coins”.
Yesterday, Dogecoin found itself under strong pressure as the Shiba Inu took to new heights. Dogecoin is up today and some traders are in the top 10 by market cap. cryptocurrency He seems ready to bet that there is enough room for two “dog coins” in his unit. At the time of writing, Dogecoin has a market cap of around $44 billion, while Shiba Inu boasts a market cap of around $38 billion.
As mentioned above, Dogecoin is currently trying to break above $0.32. The RSI is close to the overbought zone, but there is plenty of room for additional upside momentum should the right catalysts emerge. If Dogecoin bounces back above $0.32, it will head towards $0.33 as the next resistance point. A successful resistance test at $0.33 will push Dogecoin towards the next resistance level located at $0.35.
On the support side, the closest support level for Dogecoin is $0.3050. If Dogecoin breaks below this level, it will head towards the next support level located at $0.2950. A move below the $0.2950 support will open the way for a test of the support at $0.2870.
It should be noted that Dogecoin is very volatile and traders should be prepared for very fast moves. In addition, as both cryptocurrencies compete for the title of the world’s largest meme coin, traders should also keep a close eye on movements in the Shiba Inu.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.