The Price of Dogecoin surged significantly as it showed a remarkable bullish momentum. The cryptocurrency is at more than 1,100% up in the last 24 hours.
Recently the Wall Street Bets community retail traders made a huge impact as the GameStock market witnessed a remarkable rise. GME stock went to 2,500% from the very beginning of the year which resulted in a $5 billion loss.
Market regulators stepped in the matter and imposed restrictions on the trades of GameStop. While GameStop drew the attention of retail traders, the recent bull rally of Dogecoin is taking the crypto market by storm.
Spike In Dogecoin price: Analysis
Dogecoin’s apparent imitation of the GameStop market is certainly interesting. The reason behind the bull rally of the cryptocurrency is aimed at Satoshi Street Bets. According to the experts, the Satoshi Street Bets are simply mimicking the strategies of Wall Street Bets. It resulted in Dogecoins increasing stock price which is quite the same as GME.
The rising price is giving an alluring opportunity to the crypto enthusiasts to make an immense profit out of it. Within the last 24 hours, the cryptocurrency inclined by 1,120%. The huge buying pressure led the altcoin to reach a new peak of $0.089.
The Super Trend Indicator suggests that it is likely to rise more as it is now at the support level of around $0.036. Experts suggest that a downwards pressure that can dip the cryptocurrency below the support level will give it even a steeper rise. If it happens accordingly, DOGE is esteemed to reach the incredible interest rate of $0.020.
If it can cross the resistance barrier of $0.071, Dogecoin is capable of taking the price even higher.
