Dogecoin (DOGE) Reclaims Its Place as a Top 8 Cryptocurrency by Market Cap

After surpassing Tron and entering the top eight cryptocurrencies by market capitalization, Dogecoin has formally regained its place as one of the most valuable digital assets available.

Dogecoin has quietly returned to the cryptocurrency market's top eight tokens by market capitalization, having now risen above Tron.

The meme coin, which is often dismissed for its lighthearted origins, continues to demonstrate resilience in the face of competition from tokens that provide more fundamental value.

The shifts in market hierarchy highlight the changing investor preferences and introduce fresh perspectives on the dynamics within the cryptocurrency landscape.

This change in fortunes comes during a period of relative stagnation in the market, with most altcoins struggling to gain any real traction. Despite consolidating around the $0.155 range, Dogecoin has seen some gains thanks to its resilience and the strong community behind it.

Technically, DOGE is still within a descending channel that began in February and is characterized by resistance at crucial exponential moving averages and lower highs. The 100 EMA is visible above, while the 26 EMA and 50 EMA continue to pose overhead resistance.

At the current support, which is around $0.15, the price has been forming a slight upward pattern, suggesting a period of accumulation before a potential breakout. Even though the volume remains relatively low but not absent, Dogecoin continues to display strong transactional activity compared to many other altcoins.

With the Relative Strength Index (RSI) at approximately 44, there is still potential for further growth as the asset is not yet deemed overbought or oversold.

Reclaiming the $0.17 level, which corresponds to the 50 EMA and prior consolidation zones, would be a crucial turning point. A breakthrough at that level could spark an aggressive rally toward the $0.20 zone and possibly the $0.23 level, where the 100 EMA and more substantial resistance lie.