• 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 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.

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

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


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

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.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

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.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

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.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

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.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

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.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP