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Dogecoin (DOGE) has continued to climb for a fifth consecutive session, increasing by over 6% to reach an intraday high of $0.0946. The meme coin is now closing in on a key resistance level at $0.0960, which it last hit on April 5. Despite the cryptocurrency market falling by 1.54%, DOGE’s bullish momentum seems to be setting up for a better week, with a growth rate of 2.90% over the past 24 hours and over 13% growth over the past seven days. Dogecoin has printed an impressive growth rate of 31% for the year, and investors are looking forward to its integration into real-world utility, such as its role in the future of Twitter.
One significant observation is that Dogecoin has broken away from its correlation with Bitcoin over the past few weeks. While DOGE is experiencing a green tick in both its daily and weekly growth, Bitcoin’s price has succumbed to bearish action and mild sell-offs. The current upsurge in the price of Dogecoin that fueled the break in correlation may be temporary or permanent, and the coming wall at 65.00 could be a hurdle for current bulls. However, should they overcome this, there is a good chance that DOGE will move back above $0.1000.
Avalanche (AVAX) has also seen notable gains, climbing to an intraday high of $21.011 on Monday, the highest point since Feb. 22. However, gains have since slipped due to the RSI colliding with its own ceiling at the 73.00 mark. Despite this, the cryptocurrency has briefly broken out of a point of resistance at $20.90.
The catalyst for today’s surge in DOGE’s price was a breakout that occurred on the relative strength index (RSI), which moved beyond a ceiling at the 61.00 mark and is tracking at 62.87 at the time of writing. This breakout has occurred without external inducements from key influencers like Elon Musk over the past few days, indicating that investors in the cryptocurrency trust the future of the asset.
In summary, Dogecoin’s bullish momentum is setting up for a better week, with the possibility of breaching the resistance at $0.1 looking feasible. The cryptocurrency has broken away from its correlation with Bitcoin over the past few weeks and has seen impressive growth rates for the year. Avalanche has also seen notable gains, climbing to its highest point since Feb. 22. However, the RSI colliding with its own ceiling at the 73.00 mark has resulted in gains slipping.
