• Dogecoin (DOGE) was last up around 3% in the last 24 hours, as per data from CoinGecko.
• The cryptocurrency has seen a solid bounce from its 100 and 200-Day Moving Averages.
• Analysts and traders will be monitoring the release of key US inflation, retail sales and consumer sentiment data this week.
Dogecoin (DOGE), the cryptocurrency that powers the decentralized, payments-focused, dog meme-inspired Dogecoin blockchain, was last up around 3% in the last 24 hours, as per data from CoinGecko. DOGE has seen a solid bounce from its 100 and 200-Day Moving Averages. This week analysts and traders will be monitoring the release of key US inflation, retail sales and consumer sentiment data to assess how it impacts US economic growth and Fed policy direction.
Dogecoin is rallying in tandem with a Bitcoin-led move higher in broader cryptocurrency prices, which comes ahead of a very busy week on the US macro front. Although Dogecoin is currently about 20% below its earlier monthly highs in the $0.10 area, the cryptocurrency appears to be in an uptrend going all the way back to early March. This suggests that Dogecoin is likely to push upwards towards the top of the $0.06-$0.10/11 range that has been in play since last December.
Positive moves in crypto markets imply that markets are taking the view that easier financial conditions are incoming, with inflation expected to moderate substantially this week (on a YoY basis). Asking whether it is “too late” to buy an asset is never a good way to think about the market; an investor should consider allocating a proportion of their portfolio if they think DOGE’s outlook in medium to long term is good.
Dogecoin pumped as much as 35% after Twitter changed its logo to reflect Dogecoin dog but then reversed near enough of this entire move over several days last week – indicating high levels of volatility for DOGE price movements so far this month!
Dogecoin’s recent price movements have indicated high levels of volatility so far this month but longer term trends show that DOGE may be pushing upwards towards its former range between $0.06-$0.10/11 before long – investors should consider allocating some portion of their portfolio if they believe DOGE’s medium or long term outlook is positive!