The blockchain tracking firm Lookonchain (@lookonchain) tweeted this morning that the price of Dogecoin (DOGE) increased approximately 30% shortly after Twitter had changed its webpage logo icon to DOGE’s icon. The tweet also added that the 5th holder of DOGE has transferred 650 million DOGE, approximately $61.3 million at current prices, out shortly after the price increase. Traders and investors are speculating that this holder may be the DogeFather himself, Elon Musk.
Dogecoin (DOGE) Current Market Standing
DOGE is currently the 7th biggest project in terms of market cap after it overtook the Ethereum-killer Cardano (ADA), recently. With an estimated market cap of $13.651 billion, DOGE’s price is up more than 25% at press time.
This has added to its already-positive weekly price performance — taking the total weekly gain up to +35.64%. As a result, DOGE’s price stands at $0.09835 at press time according to CoinMarketCap.
DOGE displayed similar strength against the leading cryptos Bitcoin (BTC) and Ethereum (ETH) as well, and is up 25.37% against BTC and 24.47% against ETH currently.
Trading volume for DOGE also spiked a whopping 557/36% over the last 24 hours. This has elevated the total trading volume for DOGE to $4,594,205,983 at press time.
Dogecoin (DOGE) Technical Overview
The price of DOGE comfortably broke out of the consolidation zone between $0.07126 and $0.08452 on its 4-hour chart in the last 24 hours with its 25+% move yesterday evening. Since then, the price of DOGE has been on a gradual ascent to trade at its current level.
The 9 and 20 EMA lines on DOGE’s 4-hour chart show that the shorter EMA was on the cusp of crossing bearishly below the 20 EMA line yesterday. However, the 9 EMA did a sharp turnaround leading into yesterday’s price surge, and is currently still trading above the 20 EMA line.
The RSI indicator on DOGE’s 4-hour chart suggests that DOGE’s price has reached a peak given that the RSI line has leveled out in the overbought territory. Investors and traders should take note of this as it may be an early indication of a DOGE dump in the next 24-48 hours.
The breakout in DOGE’s price seems to have been foreshadowed leading up to the move as the altcoin’s price printed higher lows since 10 March 2023. Leading up to yesterday’s breakout, DOGE’s price had been lingering around the 9 and 20 EMA lines on the daily chart.
Yesterday’s move saw the two EMA lines trigger a bullish cross with the 9-day EMA line crossing above the 20-day EMA line. At press time, the bullish technical flag triggered by both EMA lines remains as the 9-day EMA is trading above the 20-day EMA line.
DOGE’s price is now trading near a key resistance level at around $0.09842. Should the meme coin’s price fail to close above this level at the end of today’s trading session then it is at risk of dropping down to the closest support level at $0.08974 in the next 24-48 hours.
The daily RSI line positioned in overbought territory supports this bearish thesis and suggests that DOGE’s price may drop in the next 24-48 hours. However, a close above the aforementioned $0.09842 today will result in DOGE’s price continuing its rally towards an upside target of $0.10453 in the next 24-48 hours.
There is a lot of U.S. economic data coming out this week which may create a turbulent week for high-risk asset classes such as crypto. This turbulence may be felt most by volatile cryptos classes such as meme coins and other low-cap, speculative cryptos in the market. The first piece of Economic data coming out of the U.S. is the JOLTs Job Openings later today.
Tomorrow is the release of ISM Non-Manufacturing PMI data as well as the U.S. Balance of Trade. Lastly, the Non Farm Payrolls and Unemployment Rate will be released this Friday.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
