Why Is Dogecoin Moving Up Today In Defiance Of Wider Crypto Market Slump?

Dogecoin DOGE/USD traded 3.71% higher over 24 hours at $0.255 early Friday.

What’s Moving? The Shiba Inu-themed cryptocurrency has gained 1.6% over the last seven days.

Against Bitcoin BTC/USD and Ethereum ETH/USD, DOGE rose 4.36% and 6% respectively over 24 hours.

Since the year began, DOGE rose 4357.95% — touching an all-time high of $0.74 in early May.

Why Is It Moving? DOGE was up despite major coins like BTC and ETH trading in the red over 24 hours. The global cryptocurrency market cap declined 1.66% to $2.16 trillion at press time.

DOGE did not see high interest on Twitter at press time and was mentioned in 1,528 tweets, as per Cointrendz data. For comparison, Solana SOL/USD, was mentioned in 9,996 tweets.

As per, Martha Reyes-Hulme, the head of research of BeQuant — a cryptocurrency trading platform, “It’s definitely altcoin season,” reported CoinDesk.

Lukas Enzersdorfer-Konrad, Chief Product Officer at Bitpanda noted that BTC’s market dominance has declined to 40% as “most altcoins have recovered faster” after the recent crash post “Bitcoin Day.”

On late Thursday evening, DOGE retested a key support level at $0.234 but popped back up above the descending trendline.

As per Benzinga’s Melanie Schaffer, there is a “mild hidden bearish divergence on Dogecoin’s chart.”

Schaffer noted that while the price of DOGE has fallen lower, the relative strength index has risen slightly. “This indicates a bearish trend may continue before bulls come in to change the trend.”

Meanwhile, self-described DOGE-killer, Shiba Inu SHIB/USD has made it to Coinbase Global Inc COIN on both the iOS and Android apps after listing on Coinbase Pro recently.