Dogecoin (CRYPTO: $DOGE) has risen 1.4% to $0.21 U.S. in the past 24 hours amid a broader rally in cryptocurrencies.
The leg higher takes Dogecoin above the $0.20 U.S. resistance level that it has been stuck below since August of this year.
Analysts say the original meme coin’s current price action shows relative strength versus the broader market.
DOGE trading volumes have surged 10% above the seven-day average, reflecting sustained institutional investor participation in the latest rally.
Other cryptocurrencies such as Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) are also marching higher as an expected interest rate cut from the U.S. Federal Reserve on Oct. 29 nears.
Markets have priced in a 100% chance that the U.S. central bank lowers interest rates a further 25 basis points at the conclusion of its upcoming meeting.
As such, Bitcoin’s price has rallied above $115,000 U.S. over the last few days. Crypto trades 24 hours a day, seven days a week.
Cryptocurrencies such as Dogecoin are also getting a lift from reports that the U.S. and China have reached a trade deal, easing fears of an all-out trade war between the two countries.
Despite the current rally, DOGE is still down 36% on the year.
