Dogecoin Gains 20% After Major Sell-Off

Dogecoin Video 11.05.21.

Dogecoin Tries To Settle Above $0.50

Dogecoin is moving higher after yesterday’s major sell-off which pushed it towards $0.4150.

Elon Musk’s performance in Saturday Night Live disappointed Dogecoin bulls after he called the cryptocurrency ‘a hustle’. Dogecoin made an attempt to rebound after the initial sell-off as speculative traders used the pullback as an opportunity to establish new positions. However, Dogecoin quickly found itself under significant pressure which pushed it to the support level at $0.45. Dogecoin found enough buyers at this level and managed to get above $0.50.

It look that traders’ focus has shifted to Ethereum in recent trading sessions as it has managed to move above the psychologically important $4000 level. At the same time, Dogecoin may quickly get back to headlines in case it manages to stay above the $0.50 level and moves closer to recent highs.

Technical Analysis

dogecoin may 11 2021

Dogecoin managed to find support near $0.45 and gained strong upside momentum. RSI moved into the moderate territory after the recent sell-off, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

Currently, Dogecoin is testing the resistance level at $0.5350. If Dogecoin settles above $0.5350, it will move towards the resistance at $0.5750. A move above this level will open the way to the test of the resistance at $0.60. If Dogecoin settles above $0.60, it will head towards the resistance at $0.6650.

On the support side, Dogecoin needs to settle below the support at $0.45 to continue its downside move. The next support level for Dogecoin is located at the 20 EMA at $0.44 so Dogecoin will likely get strong support in the $0.44 – $0.45 area.

A move below the 20 EMA will signal that Dogecoin is ready to continue its downside move. In this case, Dogecoin will head towards the recent lows at $0.4150. If Dogecoin manages to settle below this level, it will head towards the next support at $0.3990.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin – Daily Tech Analysis – May 11th, 2021

Dogecoin

Dogecoin tumbled by 21.09% on Monday. Following on from a 10.34% slide on Sunday, Dogecoin ended the day at $0.4508.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.5728 before hitting reverse.

Falling short of the first major resistance level at $0.7090, Dogecoin tumbled to a late intraday low $0.4210.

Dogecoin fell through the 23.6% FIB of $0.5691, the 38.2% FIB of $0.4618, and the first major support level at $0.4273.

Finding late support, however, Dogecoin broke back through first major support level and the 38.2% FIB to revisit $0.47 levels before easing back.

The pullback saw Dogecoin fall back through the 38.2% FIB to end the day at sub-$0.46 levels.

At the time of writing, Dogecoin was up by 2.36% to $0.4615. A mixed start to the day saw Dogecoin fall to an early morning low $0.4434 before rising to a high $0.4765.

While leaving the major support and resistance levels untested early on, Dogecoin broke through the 38.2% FIB of $0.4618.

DOGEUSD 110521 Hourly Chart

For the day ahead

Dogecoin would need to move back through the 38.2% FIB of $0.4618 and the $0.4815 pivot to bring the first major resistance level at $0.5421 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.50 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $0.5691 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.70. The second major resistance level sits at $0.6333.

Failure to move back through the 38.2% FIB and the $0.4815 pivot would bring the first major support level at $0.3903 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.35 levels. The second major support level sits at $0.3297.

Looking at the Technical Indicators

First Major Support Level: $0.3903

Pivot Level: $0.4815

First Major Resistance Level: $0.5421

23.6% FIB Retracement Level: $0.5691

38.2% FIB Retracement Level: $0.4618

62% FIB Retracement Level: $0.2882

Please let us know what you think in the comments below.

Thanks, Bob

Why is “Bad News” is “Good News” for SP500?

Investors start this week still digesting the April Employment Report which delivered a big miss on Friday, showing a gain of just +266,000 jobs versus expectations for close to +1 million. The unemployment rate ticked up slightly to +6.1% while average wages and workweek saw unexpected increases.

Again, this was a moment on Wall Street when “bad news” was digested as “good news” as it keeps the Fed from raising rates.

Fundamental analysis

There is a lot of debate as to why the April jobs data was so sluggish with many blaming enhanced unemployment benefits. The report also showed leisure and hospitality added some +331,000 jobs while manufacturing payrolls actually fell, led by a decline in autoworkers. Economists believe those declines are probably related to the global chip shortage. ISM data last week indicated that some losses in April are related to other various supply chain constraints that are curbing manufacturing output and has forced companies to cut both hours and workers.

Employers also continue pointing to a skills mismatch, a problem many faced well before the pandemic. Bottom line, there are about -8 million fewer Americans in the workforce now versus February 2020. There seem to be a lot fewer women coming back and a lot fewer over the age of 55. Over the last five months total employment is only up by +1.5 million workers. So the Fed seems somewhat correct in their statement and forecast that it’s going to take time to get the U.S. workforce back to pre-pandemic levels and a big reason they are not going to rush to raise rates.

Despite the weaker than expected employment numbers, bears still believe inflationary price pressures are a mounting threat to the recovery, and signs of rising wages, particularly for low-skilled jobs, continue to fan the flames on inflation worries.

That will put a spotlight on inflation gauges due this week, with the Consumer Price Index on Wednesday followed by the Producer Price Index on Thursday. There is no major economic data today.

The height of earnings season is behind us with 88% and 86% topping estimates by an average of more than +22%.

The leading sectors have been Consumer Discretionary, Financials, Materials, and Communication Services, while Utilities and Industrials are the only two sectors reporting year-over-year declines.

Earnings this week include Tyson (TYSN) Roblox (RBLX), Palantir (PLTR), Electronic Arts (EA), Disney (DIS), Airbnb (ABNB). Other earnings results today are due from Affirm, Duke Energy, Marriott International, Novavax, Occidental Petroleum, Simon Properties, and Virgin Galactic. Other big names this week will include Compass, Sonos, Tencent, and Wendy’s on Wednesday; Alibaba, Applied Materials, Coinbase, DoorDash, Luminar, and Yeti on Thursday; and Siemens on Friday. Another area of increasing interest this week will be in the crypto space… Bitcoin, Ethereum, Doge, and Maker are all in my daily mix of things I track and trade. What a crazy ride!

Technical analysis

SP500 is close to weekly resistance at 4250. We talked about this number for a few weeks. On an intraday basis, the neutral zone is 4200 – 4265. Middle-strength level within this range – 4232.50, weak levels – 4248.75 and 4216.25.

Break up above 4265, will bring the price to 4281, 4298. If price sustains below 4200, look for 4184 and 4168. Note, mentioned levels should offer support/resistance before you consider entering the trade.

For a look at all of today’s economic events, check out our economic calendar.

Crypto Market Value hits $2.5 Trillion as Ethereum Hits Record High

Ethereum is partially responsible for this feat, has it has recorded weekly gains of about 30% with Ether breaking new highs with Ether hitting $4,000 on the FTX exchange.

At press time the global crypto market value stood at $2.49 Trillion a 1.17% increase over the last day.

The total daily cryptomarket volume hovers around $246 Billion, which postulates a 13.65% increase. The

Bitcoin’s price is currently $59,219.08 with its dominance reaching a record low of 44.44%, while Ethereum’s dominance is at 18.3%.

Taking a fundamental look at Bitcoin, reveals investors see it has store of value, making the crypto asset’s dormancy a reasonable proxy for why many institutional investors use it majorly as a Treasury asset while Ethereum represents a far more active use for the global financial ecosystem, which is usually deployed for applications and smart contracts.

The sudden growth cited in the crypto-verse especially in the last four months is attributed to the credence gotten from leading global brands, with the likes of Mastercard, Tesla, PayPal, Visa, and even Hedge Funds showing significant interest in its technology and hedge against their traditional investments.

Market’s pundits have also cited that the heightened interests, emanating institutional record cash inflows as seen from leading hedge funds, and lately, the powerful financial brands that include Goldman Sachs, JP Morgan Chase, have bolstered the new financial asset class market valuation in breaking record highs.

Though Bitcoin and ether are the top leading crypto assets by market value and trading volume other crypto-assets like Polkadot, dogecoin, Chainlink, Cardano are trading near record highs, this suggests that the value of the cryptocurrency market could keep breaking new highs as more blockchain-based applications go mainstream.

Dollar Licks Wounds After Payrolls Shock, Focus Turns to Inflation

By Kevin Buckland

The United States created a little more than a quarter of the jobs that economists had forecast last month and the unemployment rate unexpectedly ticked higher, pouring cold water on speculation about runaway inflation.

The dollar index, which measures the greenback against six rivals, stood at 90.259, after dipping as low as 90.128 for the first time since Feb. 26 earlier in the session.

Notably, the British pound was the biggest gainer among the most-traded currencies, rallying 0.5% to the highest since Feb. 25, despite Scotland’s leader saying another referendum on independence was inevitable after her party’s resounding election victory.

“The USD’s choppy downtrend can continue this week,” Commonwealth Bank of Australia strategist Kim Mundy wrote in a client note, predicting a break above $1.22 for the euro.

“The unexpected slow recovery in the U.S. labour market reinforces the FOMC’s patient approach to monetary policy,” while “the improving global economic outlook is a medium-term weight on the USD.”

The euro rose 0.1% to $1.2172, earlier touching the highest since Feb. 26 at $1.2177.

The dollar rose to 108.865 yen, but remained not far from its lowest since April 27.

Even before the big payrolls miss, Fed Chair Jerome Powell had argued the U.S. labour market is far short of where it needs to be to start talking of tapering asset purchases and that a near-term spike in inflation will be transitory.

Several Fed officials will have a chance to reinforce that message this week, beginning with Governor Lael Brainard on Tuesday.

April’s consumer price index is set to be released on Wednesday.

The Aussie dollar traded close to a more-than-two-month high at $0.7847, while Canada’s loonie rallied to a fresh 3-1/2-year high of $1.2111.

Sterling soared as high as $1.4058 as the biggest gainer among the dollar’s most-traded rivals, as traders focused on the UK economic recovery rather than the potential for another Scottish referendum, National Australia Bank strategist Gavin Friend wrote in a report.

“The USD is in retreat and the UK economic recovery is turning for the better,” Friend wrote.

Any independence vote is “a long way down the road, and in our view not something to sustainably affect GBP right now,” with the pair heading for $1.45 by the end of June, he said.

In cryptocurrencies, ether extended this month’s record run, surging more than 5% to an unprecedented $4,148.88. The second-biggest digital token has rallied 41% so far in May.

Bigger rival bitcoin remained stuck below $60,000, consolidating after retreating as low as $47,004.20 on April 25 following its surge to a record $64,895.22 in the middle of that month.

Meanwhile, no. 4 virtual currency dogecoin languished around $0.53 after losing more than a third of its price on Sunday, when Elon Musk called the token a “hustle” during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.

“Musk is probably happy to jump on the joke of what is a meme(coin), but investors are probably feeling real pain now,” said Justin d’Anethan, Hong Kong-based head of Exchange Sales at Diginex, a digital asset exchange.

“The supply is essentially unlimited (for dogecoin), and so unsustainable long-term. It’s a question of who will sell first and who will be left holding the bags.”

========================================================

Currency bid prices at 0543 GMT

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar $1.2155 $1.2163 -0.05% -0.51% +1.2177 +1.2150

Dollar/Yen 108.7970 108.6000 +0.19% +5.34% +108.9020 +108.4800

Euro/Yen 132.25 132.05 +0.15% +4.20% +132.3800 +132.0200

Dollar/Swiss 0.9015 0.9005 +0.12% +1.90% +0.9017 +0.9001

Sterling/Dollar 1.4047 1.3989 +0.44% +2.84% +1.4057 +1.3984

Dollar/Canadian 1.2116 1.2122 -0.05% -4.85% +1.2129 +1.2111

Aussie/Dollar 0.7852 0.7846 +0.12% +2.11% +0.7861 +0.7838

NZ 0.7280 0.7281 +0.03% +1.42% +0.7297 +0.7272

Dollar/Dollar

All spots

Tokyo spots

Europe spots

Volatilities

Tokyo Forex market info from BOJ

(Reporting by Kevin Buckland; Editing by Sam Holmes)

Dogecoin – Daily Tech Analysis – May 10th, 2021

Dogecoin

Dogecoin slid by 10.34% on Sunday. Following on from a 7.76% decline on Saturday, Dogecoin ended the week up by 52.65% to $0.5713.

A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.7027 before hitting reverse.

Falling short of the first major resistance level at $0.7206, Dogecoin tumbled to a mid-day intraday low $0.4210.

Dogecoin fell through the first major support level at $0.5759 and the second major support level at $0.5146.

More significantly, Dogecoin also fell through the 23.6% FIB of $0.5691 and the 38.2% FIB of $0.4618.

Finding afternoon support, however, Dogecoin broke back through the support levels and the 38.2% FIB and the 23.6% FIB to revisit $0.59 levels.

A bearish end to the day saw Dogecoin fall back through the first major support level to end the day at sub-$0.5720 levels.

At the time of writing, Dogecoin was down by 2.85% to $0.5550. A mixed start to the day saw Dogecoin rise to an early morning high $0.5728 before falling to a low $0.5483.

While leaving the major support and resistance levels untested early on, Dogecoin fell back through the 23.6% FIB of $0.5691.

DOGEUSD 100521 Hourly Chart

For the day ahead

Dogecoin would need to move back through the 23.6% FIB and the $0.5650 pivot to bring the first major resistance level at $0.7090 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from $0.65 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.7027 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.80. The second major resistance level sits at $0.8467.

Failure to move back through the 23.6% FIB and the $0.5650 pivot would bring the 38.2% FIB of $0.4618 and the first major support level at $0.4273 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.40 levels. The second major support level sits at $0.2833.

Looking at the Technical Indicators

First Major Support Level: $0.4273

Pivot Level: $0.5650

First Major Resistance Level: $0.7090

23.6% FIB Retracement Level: $0.5691

38.2% FIB Retracement Level: $0.4618

62% FIB Retracement Level: $0.2882

Please let us know what you think in the comments below.

Thanks, Bob

Dogecoin Quickly Rebounds Back Above $0.60

Dogecoin Video 07.05.21.

Dogecoin Found Strong Support Near $0.5350

Dogecoin managed to get back above $0.60 after an unsuccessful attempt to settle below the support at $0.5350 as buying activity returned after the pullback.

Dogecoin made several attempts to settle below the support at $0.5350 but failed to develop sufficient downside momentum. Judging by the speed of the rebound, many traders were waiting for a pullback to establish new positions, and they quickly rushed into Dogecoin once it declined from $0.69 to $0.5350.

Meanwhile, trading in Bitcoin and Ethereum has been relatively calm today, while Ethereum Classic pulled back a bit after the strong upside move.

Technical Analysis

dogecoin may 7 2021

Dogecoin has made several attempts to settle below the support at $0.5350 in recent trading sessions, but this support level proved its strength as each attempt to settle below $0.5350 was followed by a quick rebound.

RSI remains in the overbought territory which is natural for a cryptocurrency in a rally mode. However, it should be noted that RSI declined from recent highs and remains well below the extreme highs that were reached back in April. In this light, there is plenty of room to gain additional upside momentum.

Currently, Dogecoin managed to get back above $0.60 and is trying to get to the test of the next material resistance level which is located at $0.6650. Dogecoin has also faced some resistance near $0.64, but it remains to be seen whether this resistance level will serve as a serious obstacle on the way up.

If Dogecoin gets above $0.64, it will move towards the resistance at $0.6650. A successful test of the resistance at $0.6650 will push Dogecoin towards the resistance which is located near the recent highs at $0.70. A move above this level will provide a chance to develop additional upside momentum.

On the support side, the nearest support level for Dogecoin is located at $0.60.  A move below this level will push Dogecoin towards the support at $0.5750.

If Dogecoin declines below $0.5750, it will head to another test of the major support level at $0.5350. A move below this level will open the way to the test of the support at $0.45.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin – Daily Tech Analysis – May 7th, 2021

Dogecoin

Dogecoin slid by 11.15% on Thursday. Reversing a 10.94% gain from Wednesday, Dogecoin ended the day at $0.5811.

It was a mixed start to the day. Dogecoin rose to an early morning intraday high $0.6666 before hitting reverse.

Falling short of the first major resistance level at $0.6874, Dogecoin slid to a late intraday low $0.5404.

In spite of the sell-off, Dogecoin steered clear of the 23.6% FIB of $0.5329 and the first major support level at $0.5167.

Finding late support, Dogecoin briefly revisited $0.61 levels before falling back into the deep red.

At the time of writing, Dogecoin was down by 4.14% to $0.5570. A mixed start to the day saw Dogecoin rise to an early morning high $0.5881 before falling to a low $0.5553.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 070521 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.5960 pivot to bring the first major resistance level at $0.6517 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.60 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.6666 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at Wednesday’s new swing hi $0.6952. The second major resistance level sits at $0.7222.

Failure to move through the $0.5960 pivot would bring the 23.6% FIB of $0.5329 and the first major support level at $0.5255 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.50 levels. The second major support level sits at $0.4698.

Looking at the Technical Indicators

First Major Support Level: $0.5255

Pivot Level: $0.5960

First Major Resistance Level: $0.6517

23.6% FIB Retracement Level: $0.5329

38.2% FIB Retracement Level: $0.4324

62% FIB Retracement Level: $0.2701

Please let us know what you think in the comments below.

Thanks, Bob

Dogecoin Pulls Back After Strong Rally

Dogecoin Video 06.05.21.

Dogecoin Tests Support At $0.60

Dogecoin lost momentum and made an attempt to settle below the support at $0.60 as traders took some profits after the recent rally.

Dogecoin quickly managed to get from $0.30 to $0.69 in less than two weeks as traders’ interest in the cryptocurrency increased and exchanges started to make it available for trading.

Cryptocurrencies remain very speculative in nature and often experience significant pullbacks so it’s not surprising to see that Dogecoin is moving lower after a strong rally.

Leading cryptocurrencies like Bitcoin and Ethereum have also lost momentum today so the downside move appears to be broad-based although XRP is moving higher.

Technical Analysis

dogecoin may 6 2021

Dogecoin faced resistance at $0.6650 and pulled back closer to the support at $0.60. RSI has pulled back a bit from recent highs, but it remains in the overbought territory.

In case Dogecoin manages to settle below the support at $0.60, it will head towards the next support level which has emerged at $0.5750. A successful test of the support at $0.5750 will open the way to the test of the support at $0.5350. If Dogecoin declines below this level, it will head towards the support at $0.45. There are no important levels between $0.45 and $0.5350 so this move may be fast.

On the upside, Dogecoin needs to settle above the resistance at $0.6650 to have a chance to develop upside momentum in the near term. The next resistance level is located near the recent highs at $0.70. If Dogecoin manages to settle above this level, it will gain additional upside momentum and head to new highs.

At this point, today’s trading action looks like a normal pullback after the major upside move. However, cryptocurrencies are very dependent on momentum so Dogecoin needs to quickly get closer to recent highs to continue its upside move. If Dogecoin fails to get more upside momentum in the next few days, the risks of a significant pullback will increase.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin Sets New Records As Rally Continues

Dogecoin Video 05.05.21.

Dogecoin Tries To Settle Above $0.70

Dogecoin continued to rally and made an attempt to get to the test of the $0.70 level as traders bet that adoption of this cryptocurrency will continue to grow.

On May 3, eToro stated that it would add Dogecoin to cryptocurrencies that were traded on its exchange. EToro stated that the decision was made to due client demand.

On May 4, Bitfinex made Dogecoin pairs (DOGE/USD and DOGE/USDt) available for margin trading, which allows traders to borrow funds in order to increase their leverage and potential profits.

These moves provided significant support to Dogecoin as traders bet that increased adoption of the cryptocurrency will further boost its market cap. At this point, Dogecoin ranks fourth by market capitalization behind Bitcoin, Ethereum and Binance Coin.

Technical Analysis

dogecoin may 5 2021

Dogecoin managed to settle above previous highs at $0.60 and made an attempt to get to the test of the $0.70 level. RSI has moved into the extremely overbought territory so the risks of a pullback are increasing.

At the same time, it should be noted that RSI remains far below extreme levels that were reached back in mid-April so Dogecoin maintains solid chances to gain additional upside momentum.

The recent upside move was very fast so there are big gaps between levels. The nearest support level for Dogecoin is located at the previous highs at $0.60. In case Dogecoin settles below this level, it will move towards the next support at $0.5350. A successful test of this support level will open the way to the test of the major support level at $0.45.

On the upside, Dogecoin needs to settle above $0.70 to continue its upside move. A move above this level will likely attract more speculative traders which will be bullish for Dogecoin. I’d note that traders should keep in mind that Dogecoin is set to be very volatile in the upcoming trading sessions.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Analysis. BTC has to Surge, Here is Why.

This year Bitcoin had the second best performing March ever in the history of Bitcoin, the first was 8 years ago when Bitcoin gained 178.70%. Overall, the first quarter of 2021 was Bitcoin’s best quarter in terms of gains. However a massive sell-off which started on March 24 played havoc with the bullish hoping investors. The sell-off was mainly caused by the end of the Bitcoin futures contracts and options.

Speaking of futures, CME will be launching Bitcoin micro futures this May, which should attract retail investors to the exchange. The BTC micro futures contract will be only 1/10 of the original notional value of BTC. The launch of the BTC micro futures is scheduled for May 3 after the settlement of BTCCJ1 futures and options on the exchange. This move from the CME group might be backed by the fact that Bitcoin inflows from retail investors in Q1 2021 outnumbered the inflow from institutional.

Bitcoin and cryptocurrency payments are being accepted by more and more companies, airBaltic, the first airline to accept Bitcoin payments, has announced that it will expand the cryptocurrency payments and will add Ethereum, Doge, BCH. PayPal enables cryptocurrency payments in millions of stores. As Bitcoin’s transactions increase so does the Bitcoin’s hashrate, and it just hit a record high with more than 166.4M TH per second. The hashrate and the price are strongly correlated, as miners expect a higher reward for the higher computational capacity provided by them. The previous ATH of Bitcoin’s hasrate was on February 9, 2021 when BTC/USD hit $48 142 setting a new high, and after a slight correction set a new straight uptrend, which continued up to February 21 and halted at $58 352. With that being said it is estimated that Bitcoin is entering into a new bull cycle and a new heavy correction based on miners sentiment is expected. Verdict, Bitcoin is bullish.

There issue of Bitcoin polluting the environment due to it’s PoW (Proof-of-work) mechanism remains, and when the number of Bitcoin transactions rise, so will the power to maintain the network. Carbon footprint of Bitcoin is heavily discussed and could force miners to work on safer and carbon neutral Bitcoin mining farms. Such a requirement will force smaller players to leave the mining and larger institutions to invest in clean energy. The state of Kentucky in it’s “Incentives for Energy-related Business” program proposes tax incentives for miners using clean energy for cryptocurrency mining.

First to step in into the carbon free Bitcoin movement are Argo Blockchain and DMG Blockchain Solutions, which have signed a memorandum of understanding to build the first carbon-neutral mining pool. The pool will be powered solely by the hydroelectric power, which has lesser emissions. This is to avert fears of Bitcoin getting banned due to its carbon emissions. Stricter regulations – yes, increasing scarcity – yes, increasing investment – yes, ban – no. This could be a good opportunity for developing countries that have great water resources to invest into providing clean energy for the evolving cryptocurrency industry. Verdict, Bitcoin is bullish.

As for the chart analysis, Bitcoin resumed uptrend after a sell-off of March 24. BTC/USD on Overbit is currently traded at $57 626 and is above the dynamic resistance of March 14 and the current All-time-high at $61 677.

Bitcoin price on Overbit

Bitcoin’s uptrend was rejected by a strong resistance at $59 280 yesterday, the drop continued today until BTC tested the dynamic resistance and support and retraced. There are two scenarios to watch for the upcoming price action.

The first is – Bitcoin bulls do not get enough momentum and bears bring down the price to the support zone at $54 450 – $54 100 levels, where bulls regain power to push the price upwards, forming a perfect Inverted Head and Shoulders pattern and testing the MA200 as support. This scenario is supported by RSI and MACD indicators,

Bitcoin price on Overbit

The second, bulls push the price upwards break above the $59 290 resistance and Bitcoin tests $62 300 and sets a new all-time-high at $65 000. This scenario is supported by the current price action and the last candle formed on a 4H chart. The candle reads that buyers are not giving up and were able to push the price higher. The current price is also above the dynamic resistance and above EMA50 and MA100.

Bitcoin price on Overbit

It is important to note that the confirmation of the bullish continuation will be signalled by closing above the $59 290 resistance.

What is Dogecoin?

Dogecoin describes Dogecoin as “the internet currency”.

The Shibu Inu is a Japanese breed of dog that was popularized as an online meme. “Doge” is a Shibu Inu and Dogecoin’s friendly mascot.

Dogecoin’s Community members are referred to as Shibes.

As a true cryptocurrency, Dogecoin provides users with a completely anonymous, decentralized, and secure environment.

Dogecoin holders can use Dogecoin to buy goods and services or trade them for other currencies.

Holders are also known to use Dogecoin to “tip” fellow internet-goers who create or share great content.

Table of Contents

Who invented dogecoin?

Jackson Palmer and Billy Markus created Dogecoin.

Dogecoin was born as a concept in 2013 and launched in December 2013 by engineers Jackson Palmer and Billy Markus.

Before the creation of Dogecoin, the two engineers had reportedly never actually met in person.

How can I buy dogecoin?

There are multiple ways to obtain Dogecoin, including getting tipped on the Dogecoin community and mining them.

You can also buy and trade Dogecoin, however, on crypto exchanges that support Dogecoin.

There are numerous crypto exchanges that support the buying and selling of Dogecoin.

Based on 24-hour volumes, WenX Pro, Binance, and CoinDCX have the largest 24-hour Dogecoin/USDT trade volumes at the time of writing.

Other popular exchanges supporting the buying and selling of Dogecoin include:

When choosing a suitable exchange to buy Dogecoin, the trading volume must be among one of the key deciding factors.

Others factors

When selecting an appropriate exchange, there are also a number of other factors to consider. These include:

  • Jurisdiction: Ensure that you find an exchange that supports your jurisdiction and language.
  • Exchange security: When considering the cases of exchange hacks in the not too distant past, 2FA should be a minimum requirement if you plan to hold your Dogecoin on an exchange.
  • Exchange Capabilities: For those look for more than just buying and holding, access to trading indicators and risk management controls including stop loss would be a consideration.
  • Trade pairings: For those looking to purchase with fiat money, the option to deposit fiat or purchase with fiat money is important. Not all exchanges support crypto purchases with fiat money.
  • Exchange Fees: Fees do vary significantly across the exchanges. This becomes a greater consideration for those looking to buy and sell Dogecoin on a more frequent basis.
  • Platform customer support: It is always important to have access to customer support to assist with any issues.

When considering the above, WenX Pro has the largest 24-hour DOGE/USDT trading volume at $360.16m

A distant 2nd and 3rd, by volume, are Binance ($149.81m) and CoinDCX ($149.70m), according to Coinranking.com.

For many, Binance may be the preferred exchange simply for market position and the sheer size of its global network.

When trading cryptos, significant daily volatility means that liquidity must be a deciding factor to limit slippage.

Dogecoin Wallets

Before signing up to an exchange in order to purchase your Dogecoin, you will need a Dogecoin wallet.

To get started, simply:

  • Get a Dogecoin compatible wallet.
  • Buy some Dogecoin.
  • Use your Dogecoin.
  • Stay up-to-date.

From the Dogecoin homepage, you can download a Dogecoin wallet for desktop or smartphone.

For your desktop, you can select a wallet for Windows, OS X, or Linux.

We do recommend that you store all of your purchased Dogecoin within your personal Dogecoin wallet.

Once you have your Dogecoin wallet, sign up to a Dogecoin-supported exchange and purchase your Dogecoin.

<h2 “what”>What can I buy with dogecoin?

The main uses of Dogecoin are currently:

  • Purchasing goods and services.
  • Tipping across the Dogecoin community.
  • Donating to charities.

For those looking to purchase goods with Dogecoin, there are numerous merchants that accept Dogecoin.

Dogecoin holders can purchase a wide array of goods ranging from cars to precious metals.

One of the more prominent companies accepting Dogecoin is the U.S NBA franchise the Dallas Mavericks.

In early 2021, the Dallas Mavericks owner claimed to have done more than 20,000 #Dogecoin transactions. Mark Cuban’s NBA franchise had become the largest Dogecoin merchant in the world.

What is going on with it now?

Its rise to fame has led to a far wider acceptance of Dogecoin.

Across the U.S, CoinFlip announced in early 2021 that people could purchase Dogecoin at 1,800 ATMs across 46 states.

Through the early part of 2021, Dogecoin had hit the crypto news headlines as more famous members of the crypto community began to plug Dogecoin.

Unlike other cryptos, such as Bitcoin and Litecoin, there is an infinite number of Dogecoins. As a result, Dogecoin will not face the same supply and demand outlook as the likes of Bitcoin and Litecoin.

While the endless supply means that the upside for Dogecoin may not be as meteoric as Bitcoin’s, there are also benefits.

The endless supply does mean that Dogecoin is ideal for smaller transactions.

At the time of writing, DOGE stood at $0.0575. While well below the January 2021 all-time high of $0.1004, DOGE has managed to retain much of its 2021 gains.

The crypto newswires contributed to late January’s spike and the upside for the current year.

Year-to-date, Dogecoin was up by over 1,000%, with the Dogecoin Shibes looking for a return to $1 levels.

As the community grows and Dogecoin becomes more widely accepted, more plugs by the crypto elite would support a return to $1 levels.

What are the risks of investing in dogecoin?

As is the case with any crypto, the volatility alone means that investors must trade Dogecoin with care.

As previously mentioned, the other issue that Dogecoin holders face is the endless supply.

This means that any intrinsic value could be diluted as the crypto market gets flooded with more Dogecoin.

As Bitcoin and Litecoin gain market interest, their finite supply remains an allure that Dogecoin is unable to compete with. This leaves holders facing downward pressure as the broader market makes ground.

On the tech side, there have been no material changes to the Dogecoin blockchain in recent years. This means that Dogecoin could also become dated and fall behind its peers.

There have been reports of Dogecoin Shibes leaving the Dogecoin community in favor of more current platforms.

As things stand, the Dogecoin community has been key to delivering price support. The community has, in the past, raised funds to return monies to those who have been hacked.

Once the community begins to weaken, Dogecoin may lose ground without any blockchain enhancements.

Why is dogecoin so popular?

In the early years, Dogecoin’s almost instant popularity was attributed to the founders’ lightheartedness.

While a number of crypto communities were battling it out, Dogecoin was meant to be a joke.

More significantly, however, was undoubtedly the generosity of the Dogecoin Community.

Not only did the community raise funds for multiple charities and good causes but also raise funds to cover losses faced by hacked Dogecoin holders.

To this day, the Dogecoin Community remains integral to the ongoing success of Dogecoin and its continued popularity.

Celebs and Dogecoin

A number of crypto celebs have surfaced and 4, in particular, have plugged Dogecoin, contributing to its early-2021 surge to $1.

Elon Musk, Gene Simmons, Mark Cuban, and Snoop Dogg are perhaps the most famous of them all.

Tesla Motors CEO Elon Musk single-handedly drove Bitcoin to its current all-time high $61,699 and Dogecoin to its all-time high.

After Tesla Motors’s purchase of Bitcoin and its acceptance of Bitcoin as payment, the Dogecoin plug had hit in the midst of the crypto market frenzy

As more prominent crypto advocates plug the likes of Dogecoin, the markets will be looking for fresh highs.

Dogecoin Price Prediction for 2021

Riding the Crypto Roller Coaster

Dogecoin has experienced high price volatility like any other cryptocurrency. To be precise, it has leaped about 774 percent year to date against the US dollar. In July 2020, the cryptocurrency jumped from 0.002286, almost doubling to $0.004543 within a few days. Additionally, Dogecoin’s bullish movement started the year on a high note, doubling from $0.005405 to $0.011427 on January 2.

A Journey to new highs

On February 8th, 2021, the price of dogecoin hit the highest price of $0.082605. The bullish movement has pushed the market cap to $10.7 billion. The trend has now retraced to what seems like a minor pullback. However, we can’t be ruled out a full reversal.

Currently, the price is hovering around the previous high of $ 0.051793 reached in January 2021. The price could retest this high, which would then become our support. While the price is currently in a downtrend, it is prudent to wait and see how the price will behave around this point.

2021 Price Outlook

While we can’t predict dogecoin’s price with utmost certainty, it is prudent the most likely direction. Apparently, the coin started a joke, or rather to satirize the proliferating dubious crypto coins. But its growth has not been any joke. Currently, it ranks 10th globally. The rise from $0.000232 in 2013 to the current price of 0.05 represents a 21000% rise.

Recent endorsement from high-profile individuals has swayed the “joke” cryptocurrency. Elon Musk’s series of tweets is one of the highest drivers of the dogecoin price increase. Gene Simmons also recently revealed that he owns DOGE while snoop posted an altered album, Snoop Doge. If the celebrities continue this infatuation of dogecoin, then its price will continue to increase.

2nd Quarter Prediction

The bullish movement of the dogecoin will continue through April. According to Tradingbeasts’ Dogecoin Predictions, at the beginning of April, dogecoin is likely to reach $0.0595023. The minimum price will be around $0.0509205, while the maximum is expected to gravitate towards 0.0748831. At the end of the month, the price is expected to reach $0.0599065.

In June, the price is expected to reach $0.0754225 and hit $0.0512873 on the lower side. The price is expected to hover around $0.0608258 towards the end of the month. Similarly, the site expects dogecoin to reach $0.0766733 in July. The minimum is forecast to be $0.0521378. Dogecoin will reach $0.0613386 at the end of the month.

Q3 Price Prediction

The Dogecoin bullish movement is expected to continue into the third quarter of 2021. TradingBeasts further forecasts that the cryptocurrency will be traded at $0.0613386 at the beginning of the month and close the month at $0.0619104. During the month, the price will hit a high of $0.0773880 and a low of $0.0526239. In September dogecoin price will increase to a high of $0.781554.

Q4 Prediction

Like the rest of the years, bulls will still be in control in October through December. The price is expected to reach a high of $0.079470 in October, jump to $0.0798154 in November. More bulls are likely to join the bandwagon pushing the price to test the resistance zone in December. Dogecoin will trade for at least $0.087006 towards the end of the year.

Dogecoin Prediction 2022

TradingBeasts predicts that Dogecoin’s price will pass $0.081 in January 2022. Eventually, penetrate the current all-time in February 2022 to sell at a high of $0.0826640. The bullish movement is expected to continue throughout the year. The cryptocurrency is likely to reach a minimum price of $0.0640377 and $0.0941731 on the upper side.

Price Movement in 2023 and 2024

The fears of missing out and the generally bullish sentiment regarding cryptocurrencies will keep pushing the prices up. In other words, more investors are likely to continue buying dogecoin, pushing prices even higher. According to the trading beast forecast, Dogecoin will open the year at a $0.0954633 maximum price and trade at a minimum of $0.0649150. The price will close at $0.1 price in May 2023, which represents a 55.75% change. Dogecoin will reach $0.1096323 on the higher side and $0.0745500 on the lower side at the close of the year.

In 2024, dogecoin will be trading above the $0.11 mark on the higher side. If the price falls, it will find support at the $0.075 price level. Towards the end of the year, the minimum price will increase to 0.846257. On the higher side, the cryptocurrency will cross $0.12 in September and continue the bullish movement to close the year at a maximum price of $0.12444.

Technical Analysis

The Dogecoin price movement on charts is a mixture of bullish candles and a ranging market. Around mid-February, the dogecoin chart formed a descending triangle followed by a stable trend. If the price breaks the resistance, we could see price movement upwards. A break to the downside could slump to a $0.045 zone. This zone has support from a previous price gap.

Fundamentals

Dogecoin price is expected to be bullish all through up to 2025. The charts will have an uptrend to trade over the $0.12 mark, although the typical l ups and downs will be present. One of the most promising aspects of fundamental analysis is the growing popularity among A-list celebrities.

For instance, Elon Musk’s tweets have significantly affected the price of dogecoin. Besides his dogecoin memes, he has announced himself as the unofficial CEO of dogecoin. Similarly, Gene Simmons said he would be buying the currency. But that is not all. Rapper Lil Yachty has claimed he will invest a significant portion of his wealth on dogecoin.

Another fundamental aspect that will affect dogecoins is government regulation. For instance, Nigeria, the second-biggest bitcoin market in the world, has banned the use of cryptocurrencies. The Indian government is also considering banning cryptocurrencies.

On the bright side, financial giants including JPMorgan, Citi, and Sachs are contemplating establishing crypto custody. What’s more, Payments giants MasterCard is set to unveil a platform that will allow merchants to receive cryptocurrency payments. Visa has also published similar plans.

Final Words

Cryptocurrencies have experienced seismic growth in the recent past. Dogecoin is one of the cryptocurrencies that have grown significantly. In fact, it has hit an all-time high within the first two months of 2021. The massive support from Tesla’s Elon Musk and other celebrities could boost investors’ confidence. Ultimately, dogecoin is expected to grow in 2021 through 2024.

Buy Dogecoin with Binance