Key takeaways
- Tron’s TRX recently overtook Dogecoin to become the 8th-largest cryptocurrency by market cap.
- DOGE is currently up 5,5% in the last 24 hours and could rally higher after breaking a key resistance level.
DOGE’s market cap hits $24B, looks to overtake TRX
DOGE, the native coin of the Dogecoin ecosystem, is one of the best performers among the top 10 cryptocurrencies by market cap. The coin added 5.5% to its value in the last 24 hours and now trades at $0.1626.
The memecoin showed resilience despite market-wide volatility triggered by the U.S.-Iran conflict in the past week. However, it lost its 8th position in the market to Tron’s TRX last week.
Despite that, DOGE could soon overtake TRX if the current rally is sustained. DOGE has a market cap of $24.3 billion, while TRX’s market cap stands at $25.6 billion. Dogecoin could rally to new highs after bouncing from a two-month low of $0.1508, with technical indicators suggesting an upward movement from here.
DOGE could retest the $0.17-$0.18 resistance level
The DOGE/USDT 4-hour chart has turned bullish thanks to the ongoing market rally. At press time, the price of Dogecoin stands at $0.16356, and it could rally higher in the near term.
While the price action is inefficient, DOGE could retest the support level at $0.15788 before rallying to the next resistance level at $0.18060. An extended rally would allow DOGE to hit the next resistance level at $0.20 in the coming days.
The RSI of 56 shows that buyers are taking control of the DOGE/USDT pair and could push it higher. The MACD lines are also looking to cross into the negative zone, indicating a strong bullish momentum.
While the bulls are in control, the situation in the Middle East remains precarious and could deteriorate. If the bearish trend resumes, DOGE might retest the $0.145 lows again.
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