Dogecoin Bucks Tariff-Fueled Market Lag With 3% Move—Analyst Says Memecoin Could Enter Bullish Phase Upon Breaking This Level
Popular dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) edged higher Wednesday, defying weaknesses in blue-chip cryptocurrencies.
What happened: The world's largest meme coin rose over 3% in the last 24 hours, while its trading volume spiked 30% to over $2 billion.
DOGE’s surge contrasted with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which struggled on broader market concerns about President Donald Trump’s new auto tariffs. While the apex cryptocurrency was up just 0.21%, its younger sibling, ETH, fell 0.95%.
See Also: Jim Cramer Applauds GameStop For Acting On His ‘Bitcoin Ploy,’ CEO Ryan Cohen Can’t Help But React
Widely followed cryptocurrency analyst Ali Martinez, drawing on inferences from the SuperTrend indicator, projected that DOGE could "enter a bullish phase" if it breaks $0.21.
The SuperTrend indicator is used to identify uptrends and downtrends in the market and potential entry and exit points.
Another well-known technical analyst, going by the pseudonym AMCrypto, expected DOGE to spearhead what he believed was the beginning of a new meme coin rally.
"DOGE had a perfect multi-year support trendline retest. My first major target is $0.5 in Q2," the analyst predicted.
Sentiment also flared in the futures market, with DOGE's Open Interest rising 1.89% to $2.02 billion, marking the seventh consecutive day of gains, according to Coinglass.
Moreover, the Long/Short ratio rose above 1, indicating that a higher percentage of traders placed bullish bets on the memecoin.
Interest in the $30 billion-valued cryptocurrency has soared following the creation of a reserve of 10 million DOGE tokens, the purpose of which is to advance the use of the coin in real-world payments.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1985, up 3.14% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has dropped 36%.
Image via Shutterstock
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