Dogecoin was launched on December 6, 2013, as a joke.
Within the first 30 days, there were over a million visitors to Dogecoin.com.
On December 19, 2013, Dogecoin jumped nearly 300% in value in 72 hours. Three days later, it crashed by 80%.
In January 2021, Dogecoin went up over 800% in 24 hours. Attention from Reddit users plus encouragement by Elon Musk forced the short squeeze.
DOGE is mainly driven by speculation, and many believe is interest rate sensitive.
Hence the big rally in 2021 was partially due to meme stock squeezes while interest rates were at zero.
Today, DOGE is the top Crypto meme coin by market capitalization with $24.90 billion.
I am now looking at the coin because…
- Tesla rallied which could suggest Musk’s reputation is growing again.
- GameStop, although back down, is in the news with RFK Jr buying $24,000 worth of the stock to spur “retail rebellion.”
- Technically, DOGE looks better.
Beginning with the real motion indicator on the bottom of the page, Dogecoin shows momentum improvement.
While the momentum shows clearing the 200-DMA after a mean reversion, the 50-DMA has not cleared since early April.
On the price chart though, we have a confirmation above the 50-DMA and a confirmed phase change to bullish.
While there is some resistance at .1731, it is possible to see dogecoin trade back up to .22 where it was in March 2024.
Dogecoin cleared the 50 and 200-week moving averages for the first time since early 2023.Should we get a golden cross, it would be the first in over 3 years. In early January 2021, that golden cross resulted in a four-month rally with prices surging over 8,000% to $.76 cents.
Twitter: @marketminute
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not represent the views or opinions of any other person or entity.
