Dogecoin (DOGE) rises by 11%

Over the past few hours, Dogecoin, a meme-inspired digital currency founded as a satirical joke about Bitcoin and launched in 2013 by IT engineers, has seen a noticeable rise of more than 10% in its value.

The coin moved and went from $0.0730 to $0.0813. Over the past two days.

Dogecoin saw an overall increase of 14.74%, accompanied by an increase in trading volume of more than 15% to reach about $1.15 billion, according to information and data from CoinMarketCap.

The recent price increase indicates a growing appetite in the market, but Dogecoin's Fear and Greed Index indicates a reading of 68, reflecting a state of greed in the market.

This situation warns that investors may sell their cryptocurrencies to make profits, which could lead to a decline in prices.

On the other hand, fearful indicator readings can indicate good buying opportunities, as market participants tend to invest at these times, which contributes to raising the value of the currency.

Analyst Ali Martinez provided an analysis based on data from IntoTheBlock that Dogecoin is moving within a narrow range sandwiched between two major walls of supply.

Martinez also noted that a potential breakout could occur if the currency crosses the $0.076 level, with attention drawn to the “next important hurdle” at the $0.084 level.

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