Dogecoin (DOGE) looks primed to ascend in value to $0.10 as the meme coin is currently outperforming the broader cryptocurrency market. According to CoinMarketCap data, Dogecoin has surged by over 7.18%, climbing over the broader market that managed a 3.8% increase within the same 24-hour time frame.
Dogecoin RSI and volume surge strengthen bullish setup
This positive price outlook has set Dogecoin on a bullish path to hit $0.10 if the current momentum continues. DOGE’s Relative Strength Index (RSI) signals that the meme coin is positioned to soar as the momentum is strong.
With an RSI of 73.41 and increased trading volume that has spiked by 31.44% to $986.99 million within this period, Dogecoin looks set for a bullish move. The meme coin could hit the next price and surge into the $0.10 zone.
As of this writing, Dogecoin is exchanging hands at $0.095, which is a 6.5% increase in the last 24 hours. The meme coin previously hit an intraday peak of $0.097 amid increased trading volume. This signals that with more support, it could flip the $0.10 barrier and stabilize at this new price level.
However, to achieve this stability, investors need to sustain the buying pressure. If volume remains elevated over the weekend, Dogecoin is likely to flip. Market participants are monitoring developments, particularly with the high RSI, which could slip into overbought territory any moment.
It is worth mentioning that the current bullish uptick Dogecoin is experiencing has a correlation to Bitcoin (BTC), the leading digital asset. Within this period, Bitcoin rebounded by 4.9%, amplifying the rising tide of DOGE in the crypto market.
If Bitcoin continues its uptick and Dogecoin traders sustain the buying momentum, DOGE could rebound and hit between $0.104 and $0.108. It remains unclear how long this bullish outlook could last, given the RSI signals.
Dogecoin’s market cap dominance over Bitcoin Cash restored
Dogecoin’s rebound move has canceled fears entertained in some quarters that Bitcoin Cash (BCH) could dethrone DOGE. Earlier in the week, BCH posted a bullish performance as it decoupled from the leading digital asset.
However, with this rebound move from Dogecoin, its market capitalization has soared to $16.77 billion. It stands over $5.5 billion above Bitcoin Cash, which sits in 10th place with $11.19 billion. The development reveals how a price increase can make a difference in stability for an asset on the crypto market.
Meanwhile, Dogecoin’s Bollinger Bands had hinted that DOGE could register a 60% jump if market conditions align. The current uptick appears set to launch the meme coin to high value.
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