🚀 Dogecoin surges 50% in 3 hours

Dogecoin experienced a massive rally today. Cryptocurrency traded 50% higher on the day at one point. The move came amid a plunge in another popular "meme coin" - Shiba Inu. While Dogecoin made a 50% move higher in 3 hours, Shiba Inu dropped around 40%. Part of the moves have been erased by now. There seems to be a strong inverse correlation between the two as Dogecoin and Shiba Inu rival for the spot of the biggest meme cryptocurrency.

Recent upward movement on Dogecoin was accompanied by a steep drop on Shiba Inu. Market cap of Dogecoin was again surpassed that of Shina Inu following the rally. Source: CoinMarketCap

Taking a technical look at DOGECOIN chart at H4 interval, we can see that bulls managed to defend a key support at 0.2250 yesterday, marked with the lower limit of the local market geometry and 61.8% retracement of recent upward move. Following a short sideways move, price surged and according to Overbalance methodology, uptrend was confirmed. Should the move continue, the first major resistance to watch is marked with August highs (0.35 area). On the other hand, should the price continue to erase gains, 0.28 area should be seen as the first support.

Source: xStation5

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