DOGE/USD began the day by continuing to its bull run. The pair on Thursday had jumped sharply from 0.00246-fiat to 0.00324-fiat, i.e. 31 percent amidst a strong buying spree. As the Asian trading session began today, the price was hovering inside 0.00328-0.00385 area, forming higher highs and higher lows. The uptrend matured as the European session came into play, adding another 30 percent gains to the market. At the time of this writing, the DOGE/USD is retesting its mid-July peak. at 0.00420-fiat.
The reason behind the impressive 60 percent surge in just two days is speculated to be Dogecoin’s integration into the Ethereum project, the world’s second largest cryptocurrency project by market capitalization. The meme cryptocurrency, which was launched a joke, is attempting to keep up with cryptocurrency universe by launching Dogethereum – an amalgamation of Dogecoin and Ethereum. The project will enable the transfer of tokens between the two blockchains. Also, Dogecoin will benefit from gaining flexibility with Ethereum’s smart contracts.
The unannounced DOGE/USD rally has changed the technical dynamics of Dogecoin market. The pair until yesterday was limited by a falling wedge pattern on the daily charts as the rest of the market. However, the upside break has invalidated the channel resistance already. With it, the break has brought the pair above its 100H and 200H moving averages, further improving the RSI and Stochastic indicators which are now inside their respective overbought areas.
