- Dogecoin price spikes after three consecutive inside days.
- DOGE stalls near the apex of the symmetrical triangle.
- The “Dogefather” renews the stampede to own the digital currency.
Dogecoin price was primed for a sharp move before today. It had closed with three consecutive inside days, predicting a range expansion for the digital coin. The DOGE outlook remains neutral with a slightly bullish bias but not speculation on further social media hype.
Dogecoin price could trade sideways for a long time, so traders beware
It is well known by now that DOGE takes its name and logo from the Shibu Inu dog in the doge meme that was popular on the internet in the early years of the past decade. Started as a joke, the cryptocurrency has recently achieved its form of celebrity status, with individuals ranging from Snoop Dogg to Mark Cuban to Elon Musk putting their support beyond the digital token.
In a new twist, Elon Musk tweeted today: “The Dogefather SNL May 8”. It references his past tweets about DOGE and his upcoming appearance on Saturday Night Live (SNL). The result was a 30% spike for the cryptocurrency.
The Dogefather
— Elon Musk (@elonmusk) April 28, 2021
SNL May 8
The Musk banter follows a tweet earlier this week from Mark Cuban about how people can use the coin for transactions, highlighting his team’s success, the Dallas Mavericks, adopting DOGE as a payment alternative.
Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay . But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it's growth is that you can't spend the Doge you buy on Robinhood https://t.co/TrhT9pYkcb
— Mark Cuban (@mcuban) April 26, 2021
Today, Dogecoin price was up over 30%, but currently, it is up just 13%. The high of the day touched the 78.6% retracement of the April decline at $0.360 and fell shy of the symmetrical triangle’s apex at $0.390.
After the explosive rally in January, DOGE retraced nearly 80% of the gain before rebounding in February near the then all-time high. For the next two months, it moved sideways with some gyrations until the April ramp higher. This time the altcoin corrected around 70% and is now trying to rally to the all-time high. Could the same fate await traders, a long period of sideways price action?
Due to historical precedent, the unpredictability of social media banter, and the deceptive technicals, the outlook remains neutral.
DOGE/USD daily chart
The range between the all-time high at $0.470 and the low of the April 23 hammer candlestick pattern at $0.269 is the sandbox where traders can play in the short term.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
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.