The world’s biggest memecoin by market capitalization Dogecoin DOGE/USD rallied sharply Thursday, drawing bullish forecasts from influential cryptocurrency analysts.
What Happened: The original meme currency was up nearly 9%, emerging as one of the market’s biggest gainers in the last 24 hours. DOGE was also the most traded memecoin in the last 24 hours, with volumes surging 109% to $1.4 billion.
Popular cryptocurrency analyst Ali Martinez highlighted DOGE’s price and Relative Strength Index (RSI) breakout from a multi-month downtrend, underscoring the coin’s strength.
The researcher also spotted a buy signal from the Super Trend indicator. For the uninitiated, it’s a popular technical analysis tool used for identifying market trends and potential entry and exit points in trading.
Another widely-followed Dogecoin analyst, going by the pseudonym Kevin, also noted the breakout but urged caution, stating that the cryptocurrency still needed to break through major resistance levels.
“Breaking 0.1434 will be a major milestone,” Kevin added.
Why It Matters: With the latest spike, DOGE climbed levels last seen nearly two months ago.
According to Trading View, the Moving Average Convergence Divergence (MACD) indicator flashed a buy signal for DOGE.
The MACD is primarily used to gauge an asset’s overall trend. The crossover of the signal line and the MACD line gives trading signals.
The rally also resulted in net outflows from exchanges, according to IntoTheBlock, indicating traders’ preference to HODL the memecoin for future gains.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1185, up 8.88% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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