- Dogecoin (DOGE) has surged by 5% in the last 24 hours, now trading above $0.20.
- This rally has propelled DOGE past Tron (TRX), making it the 8th largest cryptocurrency by market capitalization.
- Meme coins are currently leading the crypto market’s recovery, with DOGE, SHIB, PEPE, and BONK all showing strong gains.
- Technical indicators suggest continued bullish momentum for DOGE, eyeing the $0.23 resistance level.
- However, rising “Supply in Profit” could signal potential profit-taking and a temporary pullback.
The cryptocurrency market is buzzing again, shaking off yesterday’s brief dip with renewed bullish sentiment. While Bitcoin briefly touched $119,000 before settling around $118,700 and Ethereum inches closer to $3,200, it’s the meme coin sector that’s truly stealing the show. Leading this charge is Dogecoin (DOGE), which has recorded impressive gains, once again demonstrating its formidable market presence.
Dogecoin Ascent: Overtaking Tron Amidst Meme Coin Mania
In a significant development, Dogecoin, the original meme coin, has flexed its muscles with a nearly 5% increase in value over the past 24 hours, pushing its price above the $0.20 mark. This robust performance has allowed DOGE to leapfrog Tron’s TRX, securing its position as the eighth-largest cryptocurrency by market capitalization. Dogecoin’s current market cap stands at a healthy $30 billion, surpassing Tron’s $28 billion.
This surge in DOGE’s value isn’t an isolated incident. The broader meme coin market is currently outperforming many other crypto narratives. Alongside Dogecoin, other popular meme tokens like Shiba Inu (SHIB) are up 7%, PEPE has gained 8%, BONK a remarkable 20%, TRUMP 10%, and WIF 11%, all painting a vibrant green picture across the charts. This collective rally underscores a renewed investor interest and confidence in the high-volatility, community-driven meme coin sector.
Eyeing $0.23: Technicals Point Towards Further Gains
A look at the DOGE/USD 4-hour chart reveals a decidedly bullish trend following a bearish period. Technical indicators are strongly signaling continued upward momentum for Dogecoin. The Relative Strength Index (RSI), currently at 58, indicates that DOGE is still in a healthy buying zone, with potential for further price appreciation before becoming overbought. This suggests that sustained buying pressure could soon push the meme coin towards the significant $0.23 resistance level, a price point not seen since May.
Furthermore, the Moving Average Convergence Divergence (MACD) lines are firmly in the positive zone, reinforcing the notion that buyers currently hold the reins of the market. If this bullish sentiment intensifies, the DOGE/USD pair could realistically reach the $0.230 resistance within the coming hours or days. An extended rally, fueled by strong market conditions, could even see DOGE challenging the $0.28 resistance level, a high last achieved in February 2025.
However, the crypto market is inherently volatile. While the current outlook is positive, a failure of bullish sentiment to hold could see bears regain control. In such a scenario, DOGE might retreat to the TLQ level at $0.17925, and an extended bearish run could lead to a retest of the weekend’s low of $0.167. Nevertheless, Dogecoin has established a strong support level at $0.19, which is crucial for catapulting its price to new monthly highs.
The “Supply in Profit” Factor: A Note of Caution
While the bullish signals are strong, on-chain data from Glassnode introduces a nuanced perspective. Dogecoin’s “Supply in Profit” metric expanded significantly earlier this week, reaching approximately 104.5 billion DOGE. As more DOGE holders find themselves in profit, the probability of a pullback tends to increase. Investors often opt to realize their gains when in profit, rather than holding for potentially longer periods with unrealized profits. This “profit-taking” dynamic could introduce some selling pressure, temporarily slowing down DOGE’s upward trajectory.
