Dogecoin is in the spotlight again. Only this time, Tesla CEO Elon Musk isn't the direct cause.
On analyzing the charts, Dogecoin appears bullish in the short term. After finding support around the $0.0595 area, a new higher low has been set, signaling a new higher high as its next wave.
Dogecoin is expected to continue higher, possibly breaking the $0.065 significant resistance in the coming weeks.
Over the last 24 hours, the entire crypto market has been red. This is happening because the benchmark cryptocurrency, Bitcoin, has lost 3.09% over the last day, while Ethereum has lost 1.7% despite the merge and hype surrounding it.
Dogecoin has traded between $0.0595 and $0.0613 for a while in the short term, indicating volatility over the last day. It has a trading volume increase of 1.15% and a figure of $413.13 traded over the last 24 hours.
Dogecoin has a total market cap of $8.1 billion, making it the 10th largest crypto by market cap.
The price action appears to be consolidated over the last 30 days because the $0.065 resistance has prevented prices from breaking to the upside.
Dogecoin, following the elimination of Ethereum from the Proof-of-Work consensus, has become the second largest mined crypto.
The long-awaited Ethereum merge, as many expected, has brought several changes to the crypto market, and the Dogecoin up-rank is one of them.
Dogecoin, initially, was the third largest Proof-of-Work Blockchain.
The other top Proof-of-Work chains include Ethereum Classic (ETC), Litecoin (LTC), Monero (XMR), and bitcoin cash (BCH) in third through sixth positions, respectively.
Dogecoin's history of being created as a joke is no secret to the larger part of the crypto space. However, this move to a rank as the largest Proof-of-Work chain is an important achievement for DOGE, especially as it achieved this feat two years after coming into the limelight.
Elon Musk, CEO of Tesla, recently put up Dogecoin's premium collectable, "cyberwhistle" for sale and made Dogecoin the only acceptable currency for purchase.
A single cyberwhistle collectable was priced at about 1000 DOGE (about 60$) and sold out barely 24 hours after Musk promoted it on Twitter.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)