Dogecoin Daily: Weekend Meme Coin Rally Flattens Out, One Analyst Is Urging Caution

Benzinga

Published Aug 15, 2022 12:33

Updated Aug 15, 2022 13:11

Dogecoin Daily: Weekend Meme Coin Rally Flattens Out, One Analyst Is Urging Caution

Dogecoin (CRYPTO: DOGE) traded slightly over 24 hours at $0.08, leading up to early Monday morning.

DOGE posted a marginal gain whileother major coins traded in the red at press time and the global crypto market cap decreased 1.7% to $1.2 trillion.

Dogecoin Price Performance Time-frame % Change (+/-)
24-hour 0.9%
24-hour against Bitcoin 2.25%
24-hour against Ethereum 5.2%
7-day 10%
30-day 25.4%
YTD performance

 -54.95%

See Also: How To Get Free Crypto

The DOGE Factors

  • DOGE was among the most-mentioned coins on Twitter (NYSE:TWTR) at press time, according to Cointrendz. The three most-mentioned coins were Bitcoin, Ethereum, and Shiba Inu.
  • Dogecoin was seen trending on price tracking websites CoinMarketCap and CoinGecko at press time.
  • The 24-hour trading volume for DOGE shot up 167.2% to $1.51 billion, according to data from CoinMarketCap.
  • Coinglass data indicated that $5.3 million worth of DOGE was liquidated over 24 hours, as the price of the meme coin rose.
  • The relative strength index for DOGE was at 63 at press time, according to TradingView. An asset with RSI above 70 is considered overbought and RSI under 30 means it is oversold.

Dogecoin Strikes Big Gains Even as major coins retreated on Sunday night capping a weekend rally, meme coins such as DOGE remained firmly in the green. Trader Justin Bennett urged caution based on the movements of the total market cap. OANDA Senior Market Analyst Craig Erlam said there was “little momentum” in Bitcoin and it was going to make getting past the $25,000 level “very difficult.”

Dogecoin’s move up was based on its massive volume, which might indicate interest has returned back to the cryptocurrency, Benzinga’s Melanie Schaffer wrote.

Schaffer said DOGE has resistance above at $0.083 and the $0.097 levels and support below at the $0.075 and $0.065 marks.

New Doge App Brewing Made Easy Dogecoin Foundation Director Timothy Stebbing said over the weekend that developer Shafil Alam’s work on libdogecoin opens the possibility to build new DOGE coin apps. Alam has already compiled the clean C library for iOS and Android.

DOGE On The Web The rise of DOGE on Sunday prompted optimistic memes on Twitter.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Written By: Benzinga

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes