The price of Dogecoin has risen by 6% in the past 24 hours, with its jump to $0.075820 today also representing a 13% gain in a week.
DOGE's rise comes as the cryptocurrency market as a whole increased by 4% in the past day, with investor sentiment likely buoyed by measures taken in the United States to stabilize the financial situation of First Republic Bank, which had faced potential collapse.
Dogecoin's current price also means that, despite a 10% loss in the past month, it has appreciated by around 7.5% since the start of the year.
Its gains this week provide it with a solid foundation for further growth in the coming months, and with Dogecoin supporters still holding out for some kind of Twitter integration, 2023 could end up being a very positive year for the meme token.
DOGE's indicators are in a position where a significant rally might be incoming.
For example, as the chart below shows, the coin's relative strength index (purple) has bounced from nearly 20 (oversold) a few days ago to nearly 50, and looks like it will continue gaining momentum in the coming days.
In addition, its 30-day moving average (red) has dropped below its 200-day average (blue), implying that it will soon be due for another surge above the longer-term average.
And with DOGE recovering today from losses on Tuesday and Wednesday, it really does seem that conditions are ripe for a nice upwards correction.
Part of the reason why DOGE fell mid-week is that researchers at cybersecurity firm Halborn had discovered a zero-day vulnerability in Dogecoin's code, as well as that of some 280-plus networks.
This vulnerability enabled malicious actors to attack nodes and take them offline.
And while Dogecoin's developers had already patched the bug prior to HalbornRead more on cryptonews.com