The broader cryptocurrency market has been performing well so far this week, but Dogecoin is currently leading the gains.
The cryptocurrency market is erasing the losses recorded over the weekend. The total market cap has increased by more than 3.5% over the past 24 hours and currently stands above $1.8 billion.
Bitcoin is trading around the $40k psychological level again, while Ether also rallied by 5% in the last 24 hours to reach the $3,00 mark.
However, DOGE, the native token of the Dogecoin ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap over the past few hours. DOGE is up by more than 20% over the past 24 hours.
The rally has DOGE overtake Avalanche and now occupies the tenth place in the market in terms of market cap.
DOGE’s ongoing rally is fueled by the news that Twitter’s board has accepted Elon Musk’s offer to acquire the company.
Musk is a huge fan of Dogecoin and investors are optimistic he will rollout DOGE payment options on the social media platform.
Key levels to watch
The DOGE/USD 4-hour chart is currently bullish as Dogecoin has outperformed the other major cryptocurrencies in the last 24 hours. The technical indicators show that DOGE has overcome its latest bearish trend.
The MACD line is above the neutral zone, indicating a bullish momentum for Dogecoin. The 14-day relative strength index of 67 indicates that Dogecoin could soon enter the overbought region if the momentum is sustained.
At press time, DOGE is trading at $0.158 per coin. If the bulls remain in charge, DOGE could surpass the first major resistance level at $0.165 before the end of the day.
However, with the support of the broader cryptocurrency market, DOGE could trade above the $0.175 level for the first time in months.