© Courtesy of BenzingaAfter Bitcoin (CRYPTO:BTC) took off, Dogecoin (CRYPTO:DOGE) seems to be on its way to take the crypto top.
What happened. DOGE, which has been declining since the end of 2022, started a short-term uptrend at the beginning of the new year. On January 14, it reached the resistance zone around $0.0918, but failed to break that level.
After recovering some gains, the crypto found support around the $0.08 level. Since Friday, Dodge has gained additional momentum amid a general increase in risk appetite. On Friday, it ranged from $0.0808 to $0.0868.
After hitting an intraday high of $0.887 on Saturday, DOGE ended the session at $0.0848. The bullish momentum intensified last Sunday, pushing the crypto above $0.090, marking its highest price since mid-December.
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Why is this important? Dogecoin rose on Sunday even as Bitcoin's rally lost momentum The rally could be a technical decision as the cryptocurrency heads toward near-term resistance. The increase was not accompanied by a recovery in volume, likely reflecting a decline in overall weekend trading. A move above another resistance zone around $0.0112 could lend more credence to the rally.
Dogecoin was up 8.75% to $0.09221 in the 24-hour period at last check, according to data from Benzinga Pro.
Also Read: Analyst Says Bitcoin's Rise Has Just Started, Expects Price Target By February
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.