Dogecoin saw major price swings of 3.06% after the death of the famous Shiba Inu dog.
On the other hand, the PEPE price soared over 12% in a day and hit an all-time high.
On Monday, major cryptocurrencies experienced a downturn, with Bitcoin (BTC), XRP, and Dogecoin (DOGE) leading the decline. Bitcoin fell by 0.96%, settling at $68,375, while Ethereum bucked the trend, rising over 4% to reach $3,950.
The meme coin market, however, continues to heat up, especially with the ongoing rivalry between Dogecoin and PEPE coin. Dogecoin, in particular, has been highly volatile, showing slight price declines following the death of the iconic Shiba Inu dog. PEPE coin, on the other hand, has been a 12% rally in the last 24 hours, hitting new all-time highs of $0.00001718. Still, Dogecoin holds a strong position with huge supporters.
Will Dogecoin (DOGE) Hit New High?
Over the past week, Dogecoin has enjoyed an 11.31% increase, and despite a 3.06% dip in the last 24 hours, it remains on a bullish trajectory. The coin saw a monthly surge of more than 17%, with its current price at $0.1685 and a market cap exceeding $24.34 billion. However, its daily trading volume dropped by over 31% to $1.12 billion.
Dogecoin (DOGE) Price Chart (Source: CoinMarketCap )
Historically, Dogecoin has displayed similar patterns, particularly noticeable during its 2021 cycle. If Dogecoin maintains its foothold above $0.1521, it could trigger its rally to $0.1892, potentially reaching $0.2187 and $0.2378. Conversely, if DOGE fails to stay above this crucial resistance level, we could see DOGE falling to $0.1368 and $0.1164, possibly plunging further into bearish territory below $0.08939.
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