• Dogecoin (DOGE) has seen explosive growth in the past 14 days, increasing in value 22.2% to $0.088.
• Other popular meme coins have also seen a surge in value, with the total market capitalization of meme coins reaching $19 billion.
• Dogecoin is sitting on top of robust support at $0.0847 and is likely to continue its uptrend and hit prices above $0.1.
Dogecoin (DOGE) has been on a bullish run in the past two weeks, with its price increasing by 22.2% to $0.088 at the time of writing. This growth in DOGE’s price has been propelled by the increasing popularity of meme coins, with their total market capitalization hitting a whopping $19 billion.
Out of all the meme coins in the market, Dogecoin is the clear leader, with its market capitalization standing at $11.8 billion. Other popular meme coins include Shiba Inu, which has seen a 15.4% surge in the past 24 hours, bringing its market cap to $7.1 billion. Other top meme coins include Dogelon Mars, FLOKI, Kishu Inu, Shiba Predator, Hoge Finance, and Tamadoge (TAMA). While Dogelon Mars has seen a 15.7% increase in value in the past seven days, FLOKI, Kishu Inu, Shiba Predator, and Hoge Finance have all seen increases of 27%, 28.2%, 20%, and 31% respectively in the same period. Tamadoge (TAMA) has also had a good run, with its price increasing 6.6% in a week to trade at $0.0143.
The excitement for Dogecoin and other meme coins is likely to continue, with DOGE in particular sitting on top of robust support at $0.0847. This support has been reinforced by the 200-day Exponential Moving Average (EMA) (in purple). Just below this level is confluence support created by the 100-say EMA (in blue) and the 50-day EMA (in red) at $0.0806. The immediate downside of Dogecoin is also home to a critical falling trend line. All these support areas emphasize DOGE’s undeniable ability to continue with the uptrend and hit prices above $0.1. The Moving Average Convergence Divergence (MACD) indicator is also in a bullish crossover, indicating that prices could soon break out of the falling trend line and hit the resistance at $0.095.
It is likely that Dogecoin, and by extension other meme coins, will remain in the spotlight for the coming weeks. With the current support levels and bullish indicators, Dogecoin seems to be on track to obliterate one zero and close the week above $0.1.