Crypto price analysis for February 27: The global cryptocurrency market began this week with a bullish sentiment. According to live data, the majority of cryptocurrencies are trading in the green zone.
Fresh data from CoinMarketCap reveals an upward trend in the general crypto market cap. Per the data, the global crypto market cap is up by an impressive 3.48% in the last 24 hours. As a result, its value has crossed the $2 trillion mark.
Bitcoin, the largest cryptocurrency by market cap has grown by 4.17% in the last 24 hours. Consequently, it has reached a new-year high of $57k for the first time since November 2021.
Furthermore, Ethereum, the second-largest cryptocurrency in the world has surpassed the $3k mark, currently trading at $3,252 according to Coinsats data. Other cryptocurrencies in the top 10 list like XRP and Cardano (ADA) are also taking advantage of momentum.
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With the current trend in the market, let us look at the price analysis for Dogecoin (DOGE) to see if the price uptick will continue.
Dogecoin (DOGE) price analysis
A close look at the trading chart shows that the bulls are taking over the market. According to Coinstats data, the price of DOGE has increased by 12.14% in the last 24 hours. This is quite remarkable as the token looks to erase one more zero from its value.
On the hourly chart, the price of DOGE may have reached a local peak at $0.09820. Should the daily bar close near it, the bears may take the lead locally, potentially resulting in a test of the $0.095 zone the next day.
Source: TradingView
The rate of DOGE has broken through the $0.09058 barrier in the longer time frame. As a result, the bulls have more power than bears until the price rises above that threshold.
Consequently, it is possible to witness a continuous upward movement to the price level of $0.010 and beyond.
Source: TradingView
From a mid-term perspective, things are comparable. Growth can reach the next resistance zone around $0.10645 if the weekly candle finishes around the present values.
At the time of writing, Dogecoin (DOGE) is trading at $0.099.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.