Dogecoin (DOGE) gains traction as BTC shows weakness

Dogecoin (CRYPTO: DOGE) price showed remarkable movement on the broader cryptocurrency market in the last 24 hours as the meme coin king moved up significantly in Bitcoin terms.

According to CoinMarketCap data, Dogecoin registered a 4% gain against the leading digital currency, Bitcoin (CRYPTO: BTC). This suggests that the dog-themed meme coin is performing better than Bitcoin on the crypto market within the period under consideration.

As of press time, DOGE was trading at $0.2383, after earlier hitting highs of $0.2515. Despite the price correction, investors remain bullish, and trading volume increased by 5.21% to $4.2 billion. This suggests that market participants are confident in the meme coin’s breakout move as momentum builds.

Comparatively, Bitcoin’s dominance appears to be declining, signaling a possible shift to an altcoin season. Within the same time frame, BTC went down by 1.26% to $102,924.40 as the asset experienced market volatility.

Interestingly, despite the price dip from a peak of $105,747.45 it hit earlier, market participants are still active. The trading volume went up by 19.45% to $55.92 billion.

Whether this sustained interest would prove sufficient to support a rebound for Bitcoin remains an event that market participants look forward to. However, as of press time, Dogecoin is leading in this metric.

The meme coin is also showing strength against the U.S. dollar, having risen by 11% over the past 24 hours to reach $0.238 at the time of writing.

Earlier on Thursday, Dogecoin briefly touched $0.25 after a report from Bloomberg stated that X, formerly Twitter, will launch cryptocurrency payments in the coming months.

As reported by U.Today, with DOGE breaching the $0.220 resistance level, the meme coin is likely to enter short-term bullish mode. This could see DOGE climb towards the $0.25 levels if it gets enough capital injection.

The earlier jump to $0.2515 was momentary as it faced resistance and slipped to its current level. However, if trading volume spikes, Dogecoin could make a run for $0.30.

Remarkably, Raoul Pal, Global Macro CEO, has hinted that Dogecoin has formed a bull flag and might witness a massive breakout after years of consolidation. Pal remains optimistic that the meme coin’s breakout could result in a new high for the DOGE/BTC pair.