Jake Wujastyk, chief market analyst at TrendSpider, said that if the asset can contend with selling from newbie investors who may be eager to sell the asset around 54 cents then its trajectory may be more clearly bullish. Technical analysts who spoke with MarketWatch said that the meme currency has clearly seen a shift in momentum but it would be really telling if it can reclaim its Saturday record peak. “If it can get through this area, the next level above would be the previous highs hit in early May around 74 cents,” wrote the analyst.
To be sure, it isn’t clear which developers Musk would be working with. A Twitter account linked to one of the creators of the meme coin, which was kicked off in 2013 as a lighthearted riff on bitcoin, referred to the Tesla Inc.
CEO as a “self-absorbed grifter,” in a late-Thursday tweet that has since been deleted. “Potentially promising.” Musk wrote.
However, Musk’s tweet and the Coinbase news appeared to deliver a one-two punch higher for dogecoin, which is well off its recent peak near 75 cents hit on Saturday, hours before crypto bull Musk made a much-hyped appearance on NBC’s comedy sketch show “Saturday Night Live.” It isn’t clear if the current uptrend for doge represents a modest rebound or a more decisive shift in momentum, as the climb coincides with news that Coinbase Global will offer the crypto on its platform in about two months and comments from Elon Musk on Thursday, who claimed in a tweet that he was “working with Doge to improve system transaction efficiency.”
“Intermediate-term momentum is positive, and short-term momentum is improving. Relative strength versus bitcoin has turned up, but seems fragile,” Stockton said. Dogecoin prices have enjoyed a parabolic move in the year to date, outstripping the performance of traditional assets. Doge is up over 11,000% so far this year. By comparison. gold futures
are down 3%, the Dow Jones Industrial Average
is up over 12%, the S&P 500 index
has gained more than 11% and the Nasdaq Composite Index
is up more than 4% in the year to date. “Initial resistance is final resistance at 0.74,” she said.
Katie Stockton, a market technician and founder of Fairlead Strategies, said that the dogecoin rebound was still “fragile,” and agreed that a breach of 74 cents could be indicative. “Coinbase offering Dogecoin will definitely add more liquidity to the market for Doge but not necessarily guaranteed to make it move higher,” he said.
The News Highlights
- Dogecoin prices rise 40%, but here’s a sign that cryptography is heading for a lasting break, analysts say
- Check the latest News news updates and information about business, finance and more.
For Latest News Follow us on Google News
- Show all
- Trending News
- Popular By week