Dogecoin price recorded a strong rally on Thursday as the broader cryptocurrency market recovered with Bitcoin’s climb above $73,000. The meme coin attracted renewed investor interest during the latest market rebound. Dogecoin gained nearly 15% within the last 24 hours as buying momentum strengthened.
Ethereum also trailed behind the trend and rose by about 8% in the same period. The larger crypto market exhibited a definite recovery following a few days of uncertainty. The total cryptocurrency market capitalization grew by 6% in 24 hours, to reach 2.49 trillion.
Here’s Why Dogecoin Price is Up Today
Dogecoin emerged as the top performer among the largest digital assets during the market rebound. The token outperformed Bitcoin and many other major cryptocurrencies during the latest rally.
The market sentiment was improved, leading to a large trading activity around Dogecoin. Data indicate that Dogecoin made a surge with 24 hours trading volume of $2.39 billion. The rise is a growth of 78% in trading action.
The same period also resulted in a fresh impetus in the meme coin sector. Top meme coins, like PEPE, SHIB, BONK, and PUMP had observed increases in addition to Dogecoin. The total meme coin market capitalization reached $35.2 billion following a 5% increase of 5%.
The market sentiment improved as investors are reacting positively to the macroeconomic developments and softening geopolitical issues. News of potential talks with Iran also helped to boost the risk asset prospects.
Reports show that the Ministry of Intelligence of Iran expressed readiness to negotiate conditions that have the potential to ease of the tension between the United States and Israel. The progress enabled the increase of the investor confidence within the global financial markets, including cryptocurrencies.
ETF inflows strengthen crypto market sentiment
Institutional investment activity continues to influence sentiment across the digital asset market. Dogecoin remains among the few crypto assets associated with spot exchange-traded fund products in the United States.
Bitwise and Grayscale asset managers had previously received the approval of the U.S. Securities and Exchange Commission regarding related products. Data on the flow of funds show that institutions are still interested in investing in Bitcoin products.
The total net inflows into Bitcoin spot ETFs reached up to 225 million on March 3. BlackRock IBIT ETF recorded the largest inflows of approximately 322 million dollars in the fund.
DOGE Price Rallies Above $0.10 as Bullish Momentum Target $0.15
As of the reporting time, the DOGE price soared to $0.102 over the past 24 hours.
The four-hour chart indicates that the buyers have driven the price beyond the critical $0.10 support. The momentum signals indicate that the bullish influence is growing following several periods of lateral consolidation.
The Relative Strength Index rose to around 70, which indicated increasing demand but got close to short-term overbought. Meanwhile, the Chaikin Money Flow is in the positive realm, which means that the capital inflow in Dogecoin is stable.
The nearest resistance can be observed at $0.12, where the price has been unable to sustain the upward trend. A confirmed break above this zone could open the path toward the $0.13 technical target as per the detailed Dogecoin price analysis.
Source: DOGE/USDT 4-hour chart: TradingviewIf bullish pressure intensifies, analysts watch a secondary upside target around $0.15. However, failure to hold above $0.10 may trigger a short pullback toward $0.095 support.
Source: https://coingape.com/markets/dogecoin-price-outlook-as-btc-recovers-above-73000/
