Dogecoin reached another record high during the day for no apparent reason, with the exception of an ongoing boom in the cryptocurrency market before Coinbase was listed directly on Nasdaq.
DOGE/USD exchange rate rose as high as $ 0.146 after breaking above the critical resistance level of $ 0.095. The pair climbed 54.75 percent to hit a record high at one point, but then lost a small portion of its gains to a modest profit-taking feel. At the time of writing, Dogecoin was trading at $ 0.12, up 59% in the past 24 hours. However, Dogecoin has managed to become one of the top 10 most valuable cryptocurrencies in terms of market value.
This rally came with Dogecoin’s rival cryptocurrencies experiencing a similar boom. This included Bitcoin, which rose to a new record high of $ 64,800. Ethereum, the second-largest cryptocurrency by market cap, also approached a record $ 2400 in recent sessions. Coinbase seems to have played a critical role in pushing these digital assets upwards.
Many still expect Tesla and SpaceX founder Elon Musk to play a role in the meme cryptocurrency’s continued rise. As it is known, Musk added $ 1.5 billion worth of BTC to Tesla’s balance sheets and started to accept cryptocurrency for the electric vehicle series.
Analysts at IntoTheBlock said, “While everyone is talking about Bitcoin and Ethereum, the price of Dogecoin has jumped 80.97% in the past 24 hours and is close to surpassing the market value of UNI and LTC. What’s even more impressive is that Continuous Clearing Volume for DOGE has reached $ 15.15 billion today ”. Dogecoin also rose more than 2.874 percent in 2021.
Technically, the DOGE/USD exchange rate has entered an alarmingly overvalued area. The pair’s daily relative strength indicator (RSI) is now valued at 85.98, about 15 points above the acceptable threshold. This usually indicates a feeling of close sales or consolidation. In both cases, DOGE/USD may correct in the upcoming sessions.
Note: The information, comments and evaluations contained here are NOT in the Scope of Investment Consultancy. Keep following the SinceCoin.