Dogecoin overtakes Tron after 5% rally; will it hit $0.23 soon?

The cryptocurrency market has resumed its rally following yesterday’s dip.

Bitcoin briefly hit the $119k mark earlier today before retreating to trade around $118,700.

Ether is approaching $3,200 after adding 6% to its value in the last 24 hours.

However, meme coins are the best performers in the cryptocurrency market.

DOGE, BONK, PEPE, and Shiba Inu have all recorded excellent gains over the last few hours.

DOGE overtakes Tron’s TRX as memecoins lead market charge

DOGE, the native coin of the Dogecoin ecosystem, is one of the best performers among the top 10 cryptocurrencies by market cap.

The coin added nearly 5% to its value over the last 24 hours and now trades at $0.20 per coin.

The positive performance saw DOGE overtake Tron’s TRX to become the eighth-largest crypto by market cap.

Thanks to its ongoing rally, DOGE now has a market cap of $30 billion, surpassing TRX’s $28 billion.

DOGE’s rally comes as memecoins lead the crypto market. Memecoins are currently outperforming other narratives in the broader market.

Shiba Inu (SHIB), the second-largest memecoin by market cap, is up 7% while PEPE (8%), BONK (20%), TRUMP (10%), and WIF (11%) are all in the green

DOGE eyes $0.230 as bulls set up strong support at $0.190

The DOGE/USD 4-hour chart is bullish following yesterday’s bearish performance.

The technical indicators are extremely bullish, suggesting that DOGE could surge higher in the coming hours or days.

The Relative Strength Index (RSI) of 58 shows that DOGE could be facing buying pressure soon, potentially pushing the memecoin to the $0.23 resistance level for the first time since May.

The Moving Average Convergence Divergence (MACD) lines are also in the positive zone, indicating that buyers are currently in control of the market.

If the bullish sentiment grows stronger, the DOGE/USD pair could hit the $0.230 resistance level within the next few hours or days.

In the event of an extended rally, DOGE could hit the $0.28 resistance level for the first time since February 2025.

However, the bears could still regain control of the market if bullish sentiments fail to hold.

If that happens, DOGE could drop to the TLQ level at $0.17925. An extended bearish run would allow DOGE to retest the weekend’s low of $0.167.

However, DOGE has established a strong support at $0.19, which could catapult the price to new monthly highs

According to Glassnode, Dogecoin’s supply in profit expanded earlier this week, reaching approximately 104.5 billion DOGE.

As the meme coin’s Supply in Profit metric rises, more holders become profitable.

This increases the probability of a pullback. Investors usually sell their holdings when in profit rather than holding longer as unrealized profits.

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