• Dogecoin price continues to outperform its peers as it inches closer to obliterating one zero.
• The largest meme coin will probably close the week above $0.1 as the bulls eye a return to $0.1586.
• Dogecoin is sitting on top of robust support at $0.0847, reinforced by the 200-day Exponential Moving Average (EMA).
Dogecoin has been on a meteoric rise lately, as the meme coin continues to outperform its peers and inch closer to obliterating one zero. In just 14 days, DOGE’s value has grown by 22.2% to trade at $0.088 at the time of writing. The largest meme coin will likely close the week above $0.1, as the bulls eye a return to $0.1586.
The surge of the meme coins has been nothing short of extraordinary since the beginning of 2021. Their total market capitalization has grown to $19 billion, with Dogecoin accounting for the largest chunk of the market share at $11.8 billion. Shiba Inu, which surged by 15.4% in 24 hours, is the second-largest dog-themed token with $7.1 billion in market cap.
Other meme coins that have gained notable traction include Dogelon Mars, up 15.7% in seven days, FLOKI up 27%, Kishu Inu up 28.2%, Shiba Predator, up 20% and Hoge Finance, up 31% in the same period. Tamadoge (TAMA) is also up 6.6% in a week to exchange hands at $0.0143. This token has the potential to become the largest meme coin in the market, bolstered by several use cases as a play-to-earn and metaverse token.
Dogecoin price is sitting on top of robust support at $0.0847, reinforced by the 200-day Exponential Moving Average (EMA) (in purple). Slightly below this level is confluence support created by the 100-say EMA (in blue) and the 50-day EMA (in red) at $0.0806. Dogecoin price’s immediate downside is also home to a critical falling trend line. All these support areas emphasize DOGE’s undeniable ability to continue with the uptrend and eat one more zero for gains above $0.1.
The Moving Average Convergence Divergence (MACD) indicator also hints at a pending price surge. The MACD line is above the signal line, which suggests that the buyers are in control. Furthermore, the MACD line is above zero, which suggests that the momentum is on the side of the bulls.
With the meme coins gaining traction, Dogecoin is positioned to be the meme coin to watch this week. The OG coin is already close to obliterating one zero and could easily leap back to its all-time high of $0.1586.