- Dogecoin has been unable to tag along with the broader crypto recovery going into its second trading day.
- DOGE price seems rather set to trade sideways-to-lower from investor lack of interest.
- Do not expect massive rallies, as investors are only on the lookout for short-term opportunities.
Dogecoin (DOGE) price has been left out of the relief rally that is going on in markets for the second day in a row. Safe-havens are coming off their highs in several asset classes, and risk assets such as cryptocurrencies are seeing more inflows. The risk is that Dogecoin price will miss the boat and see investors turning their back even further on the altcoin, leading to a deeper decline in price action soon.
DOGE is set to be on the sell list in this unique rally
Dogecoin price is printing small gains compared to several other characters in the same asset class, such as Bitcoin for example, which is printing over 2% gains versus only 0.33% for DOGE. This points to an important element to understand in this relief rally: traders and investors are picking the very liquid and more traded assets instead of choosing the alt-currencies. This means that DOGE price is missing the boat whilst the participants are very much aware that the rally will be short-lived.
DOGE price is at risk, and is seeing its price action drop back towards the lower levels from 2022. Do not expect to see the $0.0484 level straight away, but rather look for $0.0550 to be challenged first, at the monthly S1 and the low of September. It would take another catalyst to trigger the drop towards $0.0484, which would come with a loss of 20%.
DOGE/USD Daily chart
Alternatively, it could also be the case that DOGE price catches up, rallying higher and seeing more inflows from traders and investors as a turnaround in the market could be at hand. In that case, expect to see a DOGE price valuation around $0.0650. The subsequent 55-day Simple Moving Average (SMA) is likely to be too much of a cap, however, refraining bulls from making more profits and higher highs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.