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- Dogecoin, a meme-based cryptocurrency started as a joke, fires up by 800% over a 24-hour time frame after a Reddit board discussed about taking it to the moon
- DOGE retraced in last 24-days has been due to a Reddit group named SatoshiStreetBets
- Famous billionaire Elon Musk tweeted a picture of a magazine cover similar to the renowned fashion title “VOGUE.” named “DOGUE “which resembles a picture of a dog.
- Popular crypto exchange Binance tweeted that trading and deposits are active, but withdrawals are suspended due to the maintenance.
The daily chart of Dogecoin highlights a very bullish momentum with the help of overall market conditions. It went up to $0.07797 on January 29, 2021, while breaking above the resistance zones created in the past. DOGE price set a mark of an all-time high which gave an outstanding return of around 800% to its investors within a 24-hour time frame. Meanwhile, the trading volume $21,297,191,822.05 in the last 24-hour time-frame represents an increasing value of 1722.72%. The DOGE/BTC pair is an uptrend with a value of (0.00000161) which is up by 47.27% in Friday’s trading session.
Technical Chart Reflects On Competency of Communities For Dogecoin
How everything started on Reddit community, On Thursday a user posted a thread on r/dogecoin that “I have a proposition. This is how we can Dogecoin to the moon but we need everyone’s HELP.” which requested Reddit users to support Dogecoin by giving an example of what’s going on r/wallstreetbets and how they got GameStop to the moon. The poster also mentioned community users to take this thing on a serious note and make this thread a mega-thread to give more exposure to Dogecoin.
Then another user posted a thread on r/SatoshiStreetBets that “Doge needs your help, Doge to the moon just HOLD”. This also requested Reddit users to upvote to be the most voted on this community and reach maximum users.
Elon Musk, on Thursday, tweeted a picture of a magazine cover similar to the famous fashion title “VOGUE.” named “DOGUE “which resembles a dog’s picture. After the tweet, many users on Twitter and Reddit thought that he was also supporting the bull rally of Dogecoin. In the past also he tweeted about Dogecoin in April, 2019, that it was his “fav cryptocurrency.”
On Friday, Popular crypto exchange Binance tweeted that trading and deposits are active, but withdrawals are suspended due to the maintenance to avoid panic selling in the market.
MACD indicator (Bullish), No bearish crossover signal line was spotted on January 29, 2021, during the trading session it indicated a buy signal in the coin. Also, it denotes the ending of green bars on Histogram.
Meanwhile, the RSI indicator (Neutral) with a value of 51.26 indicates a neutral signal in the coin. One can observe a decrease in value in upcoming trading sessions.
Conclusion
Dogecoin price fires up by 800% on Friday’s trading session. The overall surge in the price levels can be the justification made by retail investors which were part of the reddit community. The financial market is now finally having an outlook towards the potential of retail investments and the power of the crypto community formed at various internet platforms. From the analysis point of view, price levels of DOGE have started to face corrections and no viable entry points are made on the chart.
