Thanksgiving Momentum and Dogecoin
This Thanksgiving week has recorded a hint of positive momentum within the crypto market; Dogecoin, specifically, shouldn’t be left out of the discourse. Dogecoin saw a peak of $0.4377 during the festivities period, however, it is yet to match up to the three-and-a-half-year record set just a week ago at $0.4804. DOGE started off its week on a low note, plummeting to an unsettling bottom of $0.3651 by Tuesday. Nevertheless, the internet’s favorite “meme-coin” staged an impressive recovery by Wednesday, demonstrating a surge of nearly 20% from its week low. The favorable trajectory is seemingly buoyed by anticipation for the next potential price influencer—Elon Musk’s next tweet. This is how Dogecoin Soars 20% in 3 Days.
A huge increase Despite Economic Uncertainty
Cryptocurrency news this week was significantly shaped by larger economic events. Key US indicators met investors’ expectations: Q3 GDP and PCE price index were right on the mark, enough to warrant speculations about a Fed rate cut. On the cryptocurrency front, no remarkably specific narratives dominated headlines, nevertheless, the overall sentiment leaned on the positive end of the spectrum.
Donald Trump’s alleged pro-crypto stance stirred optimism. There is widespread assumption that the forthcoming change in command at the SEC, slated for the day following Trump’s January 20 inauguration, could trigger the introduction of new ETFs. The prospects of Dogecoin’s inclusion on this roster are particularly high, which further galvanizes positive sentiments.
Technical Analysis Confirms Dogecoin Soars 20% in 3 Days
Charting Dogecoin through the lens of technical analysis, a distinct bullish channel became apparent. Since November 11, DOGE’s trajectory reflected this upward trend. The RSI—our reliable momentum oscillator—reflected neutrality after almost three weeks in the overbought region, suggesting a strong potential for Dogecoin to gain even more traction.
If Dogecoin continues to scale up, it could reach a promising $0.50 within days, at which point the attention would sway towards its May 2021 all-time high of $0.7488. Immediate support levels to keep an eye on are $0.3780, serving as the lower limit of the ongoing channel, followed by November 17’s low at $0.3395. Dogecoin’s outlook appears positive, and a bullish weekend should not be dismissed out of hand, possibly dragging other meme-coins in its wake to record even higher gains.
