Social Media Storm Gives Dogecoin 14% Price Boost

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	20,790,194,368	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

20,790,194,368

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.00287	-1.94%	0.14502	0.14505	0.14508

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.00287

-1.94%

0.14502

0.14505

0.14508

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.14894	0.14318	0.14813	0.14789	0.055475 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.14894

0.14318

0.14813

0.14789

0.055475 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:56:06	1,410.90	0.14508	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

08:56:06

1,410.90

0.14508

USD

Price x Volume	Volume	Base Symbol	Related Pairs
15,454,803.16	105,993,408.64	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

15,454,803.16

105,993,408.64

Social Media Storm Gives Dogecoin 14% Price Boost – Details

25/03/2024 2:00pm

NEWSBTC

Dogecoin (DOGE), the meme-inspired cryptocurrency, has experienced a rollercoaster ride in recent days. A surge in social media activity surrounding the coin coincided with a price increase of over 14% within the last week. However, technical indicators hint at a potential pullback, leaving investors to grapple with mixed signals. Related Reading: Analyst Bullish On Polkadot (DOT), Predicts $17 Price Target Before April Social Media Frenzy Fuels Optimism Data from LunarCrush, a crypto analytics platform, revealed a significant uptick in social media interactions related to DOGE. Likes, comments, retweets, and upvotes on various platforms reached a staggering 30 million within a 24-hour period. This surge in social volume not only placed DOGE at the forefront of meme coin discussions but also suggests renewed investor interest. Regulatory Integration Paves The Way For Institutional Adoption Adding fuel to the fire, Coinbase Derivatives recently filed with the CFTC to introduce US-regulated futures contracts for DOGE, alongside Litecoin and Bitcoin Cash. This regulatory move signifies a growing acceptance of established cryptocurrencies beyond the realm of traditional financial institutions. Integration with established players could lead to greater market stability and wider adoption for DOGE. April: Historically A Bullish Month For Dogecoin? The report also highlights a historical trend – April has proven to be a particularly strong month for DOGE in previous years. This historical data injects a dose of optimism into the current scenario, hinting at a potential price upswing in the coming weeks. However, past performance doesn’t guarantee future results, and investors should be cautious about relying solely on historical trends. Total crypto market cap is currently at $2.472 trillion. Chart: TradingView Technical Indicators Flash Caution Despite the positive social media sentiment and historical precedent, technical indicators paint a somewhat contrasting picture. The Aroon Up Line, an indicator that gauges trend strength, suggests a weakening uptrend for DOGE. Additionally, the Chaikin Money Flow (CMF) – a measure of money flow – currently displays a negative value, indicating potential selling pressure. DOGE seven-day price action. Source: Coingecko Dogecoin Bearish Signals The Moving Average Convergence Divergence (MACD) indicator, often used to identify trend changes, further reinforces the bearish sentiment. Readings show the MACD line crossing below the signal line in mid-March, potentially marking the beginning of a short-term downtrend. Related Reading: Fantom (FTM) Bull Run: Can FTM Hit $2 After 20% Price Spike? Lastly, the Parabolic SAR indicator, which identifies potential trend reversals, positions its dotted lines above the current DOGE price, suggesting increased selling activity. Navigating The Uncertain Waters The current situation surrounding DOGE presents a complex scenario with both positive and negative factors at play. While social media buzz and regulatory progress offer reasons for optimism, technical indicators warn of a potential short-term price correction. Featured image from Pexels, chart from TradingView

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DOGEUSD Dogecoin