The price of Dogecoin (DOGE) has surged recently as other cryptocurrencies have also seen a rally. The coin rose to a high of $0.076 yesterday, the last time the price was this high was on June 27 this year. From its lowest level this year, DOGE rose by about 50%, bringing its total market capitalization to just over $9 billion. Right now, the DOGE price has fallen a bit and is $0.0687 at the time of writing.
Read more about the evolution of Dogecoin’s price with our companion app. Born2Invest application is a fast and easy way to check the latest business headlines. It gives users access to recent publications and stories, media and objective analysis, thematic sections, and feeds.
Why is the price of DOGE rising?
Dogecoin and other meme coins like Shiba Inu, EverGrow, and Dogelon Mars have rallied in recent days. However, there have been no major announcements that would specifically affect these ecosystems. Rather, this rally is mainly due to the ongoing situation in the markets. Recently, the prices of both cryptocurrencies and stocks have risen.
As for other cryptocurrencies, Bitcoin, for example, managed to overcome the important resistance at $23,000, while Ethereum traded at $1,600 in the meantime. Thus, Ether has risen by more than 80% from its low point this year. In the process, the second-largest coin benefited not only from its correlation with Bitcoin, but also from the fact that investors are optimistic about the long-awaited Ethereum merger, which is now scheduled to take place in September.
The stock market has also seen green numbers again recently. The Nasdaq 100 index has risen in recent days, despite the fact that some companies have released weak Q2 results. These include Netflix, IBM, and JP Morgan, for example.
The Federal Reserve is another possible factor that led to the price increase in Dogecoin and other cryptos. The Federal Reserve has already raised the benchmark interest rate by 150 basis points this year, and analysts believe that there will be a few more hikes this year. However, they believe the bank will hike rates by 75 basis points next week instead of the expected 100 basis points.
Finally, the DOGE price has recovered due to the relatively weak U.S. dollar. After rising to $109.30 last week, the dollar index has fallen in recent days to the current $106.
Dogecoin’s price forecast
From a chart point, the DOGE price made a strong comeback in the last few days. The coin managed to rise above the moving average lines of the last 25 and 50 days. The cryptocurrency had also approached the important resistance at $0.077. At the same time, the Relative Strength Index (RSI) has moved into the overbought territory.
The Dogecoin price could continue to rise if the bulls try to go above the resistance at $0.09. This price is about 20% above the current level.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Services Gain Ground in the Post-Covid Recovery
In the post-Covid recovery, the services sector is leading the charge, with recent data showing +4.8% growth above pre-pandemic levels....
Private Sector Firms May Qualify for Attractive Tax Incentives With Certain Types of Redevelopment Projects
Private Sector Firms May Qualify for Attractive Tax Incentives With Certain Types of Redevelopment Projects. Generally, these projects are so-called...
A Great Deflation Will Divide Europe and the U.S., J.P. Morgan
J.P. Morgan analysts have noted an impending deflation. However, they say the impact will be uneven, leaving some countries better...
The Iberian Gas Pipeline Seeking to Disconnect the EU From Russian Energy
As the EU seeks to reduce its dependence on Russian energy, Spain has come forward with a gas pipeline proposal...
The Impact of Home-Grown Cannabis On the Brazilian Cannabis Industry
In Brazil, producing small quantities of home-grown cannabis is authorized. But how big is its impacts on the commercial cannabis...
Cannabis2 weeks ago
Why Tilray Shares Rose This Friday Morning
Featured2 weeks ago
Depression, or No Depression; That Is the Question
Biotech1 week ago
Experience of Covid-19 Rapid Tests Opening the Door to a Medicine of the Future?
Cannabis1 week ago
New Research Shows CBD Relieves Severe Anxiety in Young People