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DOGE price rallied shortly after Shiba Inu overtook Dogecoin to become the eighth-largest cryptocurrency by market value. Dogecoin rallies even as other dog coins break into a rally. The 200-day SMA at $0.2836 is crucial for DOGE to continue the rally.
Dogecoin (DOGE) rallied by approximately 46% bouncing off the 50-day Simple Moving Average (SMA) around $0.2389 to hit an intra-day high above $0.35 for DOGE price on Thursday.
Analysts have noted a significant shift of capital from top-ranked cryptocurrencies by market value to dog coins as the market gets steamed up. DOGE has recorded a 27% rally over the last 24 hours as SHIB rallied approximately 40% over the same period (190% in seven days).
The Less popular dog-themed coins FLOKI and SAMO skyrocketed by triple digits of 125% and 113% within the day.
This amid a season of Dog-themed cryptocurrencies rallies as proponents debate whether this marks the end of the recent Bitcoin bull run.
Pseudonymous crypto analyst and investor @LilMoonLambo told his over 137,000 followers on Twitter that the BTC top is in for the year 2021.
DOGE Price Trades Above $0.3
Dogecoin price soared on October 28 as the DOGE Army reacted to SHIB’s overtake of the DOGE coin to claim the number 8 position in terms of market cap ranking, according to data from CoinMarketCap.
The sudden rally has pushed Dogecoin’s market value to $39,764,327,863, a mark the Shiba Inu earlier surpassed, with the two ‘meme-coins’ now battling on who will come out at the top.
At the time of writing, DOGE price hovers at $0.3015, rising after yesterday’s correction and faces resistance from immediate resistance above the $0.30 supply zone (the red band).
A closure above this point could see DOGE continue the rally to rise above the red band at $0.31 to tag the August 16 range high above $0.3572.
The sharp rising Relative Strength Index (RSI) towards the overbought zone and the position of the MACD above the zero line validate this bullish narrative.
DOGE/USD Daily Chart
On the flipside, if DOGE bulls are unable to sustain the current momentum, Dogecoin price may slip below the 200-day Simple Moving Average (SMA) at $0.2836. If this happens, DOGE price may drop further to seek support at the 100-day SMA at $0.2475 or the 50-day SMA at $0.2354.
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