The overall cryptocurrency market has performed well this week, but Dogecoin leads the gains.

The losses sustained over the weekend are being erased by the cryptocurrency market. The total market cap has increased by more than 3.5% over the past 24 hours and currently stands above $1.8 billion.

Bitcoin is trading around the $40k psychological level again, while Ether also rallied by 5% in the last 24 hours to reach the $3,00 mark.

However, DOGE, the native token of the Dogecoin ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap over the past few hours. DOGE is up by more than 20% over the past 24 hours.

The rally saw DOGE take Avalanche’s place and now holds the tenth position in the market for market capital.

DOGE is continuing to rally due to the news that Twitter’s board accepted Elon Musk’s offer of the company’s acquisition.

Musk loves Dogecoin, and investors believe he will offer DOGE payment options via the social media platform.

Key level to watch

The DOGE/USD 4-hour chart is currently bullish as Dogecoin has outperformed the other major cryptocurrencies in the last 24 hours. Technical indicators indicate that DOGE has reversed its recent bearish trend.

The MACD line is higher than the neutral zone and indicates a bullish momentum in Dogecoin. The 14-day relative strength index of 67 indicates that Dogecoin could soon enter the overbought region if the momentum is sustained.

At press-time, DOGE trades at $0. 158 per coin. DOGE may surpass $0.01 if the bulls are in control. 165 before the end of the day.

However, DOGE could trade higher than the $0.0 mark with the support from the wider cryptocurrency market. 175 level for the first time in months.