DOGE/USD traded 3.1% higher at $0.06 over 24 hours leading up to early Friday morning.
DOGE was seen trading higher along with other major coins as the global cryptocurrency market cap rose 4% to $927 billion.
The DOGE Factors
- DOGE was not among the most-mentioned coins on Twitter at press time, according to Cointrendz
- The 24-hour trading volume for DOGE fell 18.3% to $358.64 million, according to CoinMarketCap
- Coinglass data indicated that $637,540 worth of DOGE was liquidated over 24 hours as the price of the meme cryptocurrency increased
- DOGE’s relative strength index was 42.68 at press time. An asset with an RSI of below 30 is considered to be oversold, while one with RSI over 70 is said to be overbought
Weak Dollar Could Help Cryptos
The U.S. dollar has continued to get firm amid rising expectations of an upcoming rate hike. However, should the dollar weaken, as indicated by the dollar index, it could help fuel a relief rally for cryptocurrencies, according to Justin Bennett, a currency trader.
DOGE Remains Steadfast, Unwavering
Dogecoin Foundation Director Timothy Stebbing tweeted Friday that while Bitcoin “deviated” from the decentralized currency mission to “chase short term gains” DOGE has “been making steady progress towards the original goal.”
