- DOGE price rallied shortly after Shiba Inu overtook Dogecoin to become the eighth-largest cryptocurrency by market value.
- Dogecoin skyrockets even as other dog coins break into a rally.
- DOGE must hold above the 200-day SMA at $0.2836 to continue the rally.
Dogecoin (DOGE) rallied by approximately 46% bouncing off the 50-day Simple Moving Average (SMA) around $0.2389 to hit an intra-day high above $0.35 for DOGE price on Thursday.
Dogecoin price soared on October 28 as the DOGE Army reacted to SHIB’s overtake of the DOGE coin to claim the number 8 position in terms of market cap ranking, according to data from CoinMarketCap.
The sudden rally has pushed Dogecoin’s market value to $39,764,327,863, a mark the Shiba Inu earlier surpassed, with the two ‘meme-coins’ now battling on who will come out at the top.
At the time of writing, DOGE price hovers at $0.3015, rising after yesterday’s correction and faces resistance from immediate resistance above the $0.30 supply zone (the red band).
A closure above this point could see DOGE continue the rally to rise above the red band at $0.31 to tag the August 16 range high above $0.3572.
The sharp rising Relative Strength Index (RSI) towards the overbought zone and the position of the MACD above the zero line validate this bullish narrative.
DOGE/USD Daily Chart
On the flipside, if DOGE bulls are unable to sustain the current momentum, Dogecoin price may slip below the 200-day Simple Moving Average (SMA) at $0.2836. If this happens, DOGE price may drop further to seek support at the 100-day SMA at $0.2475 or the 50-day SMA at $0.2354.