Dogecoin (DOGEUSD) has been quietly gaining over the last few weeks as traders look for value.
DOGEUSD – Daily Chart
The price of DOGE has jumped above resistance at the $0.259 level. That marked a low on December, before it acted as resistance in May this year. The price can continue to $0.4000 if sentiment remains bullish.
Gains in BTC and ETH have meant that traders are cashing in on the move and looking for undervalued altcoins.
“Over the past week, altcoins have shown signs of taking the spotlight, with Bitcoin stalling just below recent all-time highs and capital rotating into broader market plays,” said Enmanuel Cardozo at Brickken, according to CoinDesk.
“Bitcoin dominance has dropped from a June peak of 66% to around 61.75%, signaling early signs of an altcoin cycle heading into Q3,” Cardozo added.
The ETH/BTC ratio has also been declining for a long period of time, but has since bounced as investors look outside of the Bitcoin move. Ethereum and other altcoins are moving higher due to institutional demand and the recent bills passed in the U.S. to aid regulation.
The other recent theme gaining attention is the move to real-world asset tokenization. Projects tokenizing private credit, government debt, and real estate are attracting attention from investment giants like BlackRock and JPMorgan.
Dogecoin is attracting investors as they look for potential movers if another altcoin season gets underway. Another boost for DOGE has been news that U.S. company Bit Origin plans to raise $500 million to buy the token. The company has already purchased $40 million worth of tokens and its stock has risen 600% as a result.
