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In the last 24 hours, Dogecoin, a meme coin created as a parody of Bitcoin and launched by two IT engineers (one of them resides at of 10%, jumping from $0.0730 to the level of $0.0813.
DOGE has been rising for two consecutive days. Overall, in the last 48 hours, the leading meme coin has risen by 14.74%.
Trading volume has increased more than 15% in the last 24 hours, reaching $1,150,262,483, according to CoinMarketCap.
Despite the price increase, Dogecoin’s Fear and Green index, which also exists for Bitcoin, Ethereum and other cryptocurrencies and shows market sentiment, shows 68 and remains in the Greed area. This means that the market may be overheated and traders and investors are likely to start selling DOGE for profits, which will drive the price down.
When the index starts to show “fear”, it means that this is a good buying opportunity and market participants are likely to start stocking up on a coin, driving its price up.
Earlier this week, as reported by U.Today, analyst Ali Martinez shared a chart provided by on-chain data agency IntoTheBlock. The chart showed that DOGE was “sailing in a narrow zone, surrounded by two crucial supply walls.”
The chart provided an opportunity for a possible Dogecoin breakout. It can happen, according to Martínez, if DOGE manages to break through the $0.076 level. In that case, he tweeted, all eyes in the market should be on “the next significant hurdle at $0.084.”
