- Dogecoin and other meme coins like Shiba Inu rally as drums beat for the upcoming Ethereum merge.
- DOGE sits on robust support highlighted by the IOMAP cohorts at $0.0681.
- Dogecoin whales ease off their selling spree as retail investors return to reinforce the uptrend.
Dogecoin price and other dog-themed cryptocurrencies made significant moves over the weekend amid speculation and excitement for the upcoming Ethereum software upgrade. DOGE pushed its weekly gains to 11.4% after an intraday move to $0.0847.
Dogecoin price jumps as optimism on the Ethereum merge grows
Investors appear to be positioning themselves ahead of the much-awaited Ethereum merge – a software upgrade scheduled for September 2022. As covered before, Ethereum will transition to a proof-of-stake (PoS) from a proof-of-work (PoW) consensus.
Hayden Hughes, the CEO of Alpha Impact, a trading platform, believes that retail investors have returned ahead of a rally that will mainly impact Ethereum and meme tokens like Shiba Inu and Dogecoin.
“Dogecoin and Shiba Inu have broken out over the weekend, clear evidence that the retail investor is back.”
On the other hand, the CEO at Venn Link Partners consulting company, Cici Lu, reckoned that traders should tread cautiously because meme coins lack the market depth enjoyed by Bitcoin and Ethereum.
Based on the Dogecoin price technical outlook, the ongoing pullback from $0.0847 is unlikely to extend further. Moreover, the 100-day Simple Moving Average (SMA) is in place to prevent DOGE from bleeding below its primary support at $0.0700.
DOGE/USD daily chart
If the Moving Average Convergence Divergence (MACD) keeps its divergence with the price bullish, Dogecoin price will renew the uptrend eyeing $0.0900 and $0.1000, respectively. It is worth mentioning that an ascending triangle formed on the daily chart will continue to influence Dogecoin’s price positively.
Affirming Dogecoin’s price uptrend is supported by IntoTheBlock’s IOMAP between $0.0665 and $0.0692, where roughly 124,000 addresses bought 44.95 billion DOGE tokens. It will be challenging for bears to disperse all these buyers, which leaves Dogecoin price on a clear path north.
-637961768457324084.png)
Dogecoin IOMAP model
On the upside, weak and scattered resistance areas currently adorn the path to $0.1000. With a small push, the Dogecoin price could take off to levels higher than $0.1000.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.