Dogecoin (DOGE) Joins GameStop-Induced Rally With 10% Surge

Dogecoin Rides the Rally Wave Amidst GameStop Resurgence

Intriguing developments are stirring the stock and cryptocurrency markets today, and Dogecoin (DOGE) is reaping the benefits. GameStop, the iconic meme stock of 2021, has re-emerged with a surge of over 60% within hours. This uptrend has sparked an unprecedented rally across stocks and memecoins alike.

Dogecoin Positions for a Rally

Entering the new week, Dogecoin had already positioned itself for a potential rally. At the time of writing, the digital currency has soared by 10.2% in 24 hours, propelling its price to $0.151. This move is particularly significant as Dogecoin had previously dipped to a low of $0.136.

GameStop Rally Rekindles Enthusiasm

The GameStop rally reignited today after Keith Gill (aka Roaring Kitty) returned from a three-year hiatus. Gill gained notoriety for fueling the 2021 GameStop rally. As the gaming tech company's stock surged back to life, it was suspended for over five times due to intense volatility.

Uncertain Impact on Altcoins

It remains uncertain how long altcoins like Dogecoin will benefit from the GameStop resurgence. However, the current bullish momentum is providing validation for its technical triggers.

DOGE/USDT 4H Chart

The DOGE/USDT 4H Chart on TradingView reveals an extended surge towards the upper Bollinger Bands (BB).

Under normal circumstances, Dogecoin would likely reverse its trend at this level. However, the sharp uptick in its price is preceded by a weeklong drawdown that has depressed its value by 3.55%.