Dogecoin DOGE/USD Rallies 5%, Aligning With the Broader Market's Upward Movement

The world's largest meme coin by market capitalization beat blue-chip coins Bitcoin BTC/USD and Ethereum ETH/USD in 24-hour gains

Popular dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) rallied 5% on Monday, aligning with the broader market's upward movement and outperforming Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

What Happened: The world's largest meme coin by market capitalization beat out BTC and ETH in 24-hour gains, with a 123% increase in trading volume to $1.5 billion.

The buying pressure was also evident in the 41% spike in large transactions, valued over $100,000, over the past 24 hours, while the daily active address count shot up by 34%, according to IntoTheBlock.

The spike invited bullish predictions by noted cryptocurrency analysts. Widely followed cryptocurrency market commentator Ali Martinez noted Dogecoin's attempts at breaking out a triangle pattern, potentially leading to a 16% upside.

#Dogecoin $DOGE is breaking out of a triangle, which can result in a 16% upewnswing! pic.twitter.com/25flXRvfcQ

— Ali Martinez (@ali_reza_m) September 4, 2023

Earlier, Kevin, introduced as ‘Dogecoin Lead Analyst' on X, emphasized that the bullish narrative about Dogecoin depends on Bitcoin holding its current levels and not dropping below $70,000.

Kevin also highlights the significance of $0.139 as support, describing it as a spot where the risk-reward ratio is "absolutely phenomenal."

"If I were ever looking to properly allocate into DOGE then I would definitely take advantage of this spot from a trade perspective," the analyst remarked.

My #Dogecoin Community it is about that time where I must provide you the Alpha you all desire. If we take a look at #DOGE on the weekly time frame we can see that we received a weekly demand candle last week at the "Last line of bull market support" that I pointed out a couple…

— Kevin (@KevTheAnalyst) September 4, 2023

Meanwhile, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a "Buy" signal for DOGE, according to TradingView.

Conversely, the Bull Bear Power indicator, measuring the strength of buyers and sellers, flashed "Sell."

The meme coin's positive price action was also influenced by the creation of a new Dogecoin reserve, established to advance the cryptocurrency's use in real-world payments.

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