• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Dogecoin (DOGE) Blasts Higher in Another Nonsense Rally; What's Next?
Nexo

Dogecoin (DOGE) Blasts Higher in Another Nonsense Rally; What’s Next?

Yashu Gola by Yashu Gola
1 year ago
in Dogecoin
0

Dogecoin reached another record high on Wednesday for apparently no reason but an ongoing boom across the cryptocurrency market ahead of Coinbase’s direct listing on the Nasdaq Stock Market later in the day.

The Dogecoin Rally Brief

The DOGE/USD exchange rate climbed to as high as $0.146 ahead of the London opening bell after breaking above a critical technical resistance level of $0.095. The pair’s climbed 54.75 percent to reach the record high at one point in time but later shed a small portion of its gains against a modest profit-taking sentiment.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Dogecoin breaks out of its consolidation range. Source: DOGEUSD on TradingView.com
Dogecoin breaks out of its consolidation range. Source: DOGEUSD on TradingView.com

The rally appeared alongside a similar boom across Dogecoin’s rival cryptocurrencies. That included Bitcoin, the top digital asset that also surged to a new record high just shy of $65,000. Ethereum — the second-largest cryptocurrency by market capitalization — also climbed to near $2,400, a record high, in the recent sessions.

Coinbase seems to have played a critical role in sending these digital assets upward.

The US-based firm is set to become the first cryptocurrency-enabled service to get listed on the Nasdaq Stock Market. The listing will take place after the New York opening bell Wednesday. It has led many analysts to anticipate broader upside gains across the cryptocurrency market, given Coinbase attracts more institutional investors to the sector.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

But that does not explain Dogecoin’s explosive bullish response, given Coinbase does not even list the token’s pairs.

Emotionally Technical Outlook

Many still expect that the meme cryptocurrency would keep rallying upward, partially because it has strong moral backing from none other than Elon Musk, the founder of Tesla and SpaceX. Mr. Musk added $1.5 billion worth of BTC into Tesla’s balance sheets and started accepting the cryptocurrency for its line of electric vehicles.

“While everyone is talking about Bitcoin and Ethereum, [the] Dogecoin price jumps by 80.97% over the last 24 hours and gets closer to surpass the market cap of UNI and LTC,” said analysts at IntoTheBlock. “What’s even more impressive is that the Perpetual Swaps Volume for DOGE reached $15.15 billion today.”

Dogecoin is up more than 2,874 percent in 2021.

Technically, the DOGE/USD exchange rate has entered an alarmingly overvalued zone. The pair’s daily relative strength indicator (RSI) now returns a reading of 85.98, about 15 points above the acceptable threshold. That typically points to an imminent selling or consolidation sentiment. In either case, DOGE/USD should correct lower in the coming sessions.

If it does, the $0.095-level serves as primary support. If not, there is no level to guess an upside, given Dogecoin would be chartering into an unknown upside with no historical records.

Photo by Anastasiia Krutota on Unsplash 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Dogecoin

Majority Remain In Profit Even As Dogecoin Is Down 88% From ATH

4 days ago
Dogecoin

Dogecoin Co-Founder Says The Meme Coin Was Created By A Stupid Person

2 weeks ago
Dogecoin crypto

Data Shows Top Coins Among Most Hated Crypto, But Not Dogecoin

2 weeks ago
Dogecoin

More Utility For Dogecoin As WordPress Websites Can Now Accept DOGE Payments

2 weeks ago
Dogecoin

Rapper Ice Cube Shows Support For Dogecoin As BIG3 Takes Off

3 weeks ago
Dogecoin

Designer DOGE: Gucci To Accept Dogecoin Payments In Retail Stores

3 weeks ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.