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DOGE coin gains +300% in a Single Day amid Elon Musk Reddit Frenzy PUMP – Breakout Analysis
Dogecoin is trading in an active uptrend here like many other altcoins. The Cryptocurrency DOGE just went up +346% in a single day and surges over +539% in a week and +1,971% in a year . Let’s take a quick look at the Dogecoin price analysis and possible reasons for the recent breakout.
What is Dogecoin?
Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
DOGE Quick Stats
| SYMBOL: | DOGE |
| Global rank: | 11 |
| Market cap: | $8,948,508,697 AUD |
| Current price: | $0.0724 AUD |
| All time high price: | $0.1165 AUD |
| 1 day: | +346.94% |
| 7 day: | +539.13% |
| 1 year: | +1971.01% |
DOGE Price Analysis
At the time of writing, DOGE is ranked 11th cryptocurrency globally and the current price is $0.0724 AUD. This is a +346% increase since 23rd January 2021 (7 days ago) as shown in the chart below.
After looking at the above 1-hour candle chart, we can clearly see that Dogecoin was trading sideways on a DOGE/USDT pair. The first resistance was on the $0.0315 AUD price levels which DOGE broke with a strong bullish trend buying volume and is now heading towards the next resistance at $0.0748 AUD & $0.0882 AUD respectively after making a new all-time high price today. Seeing that many altcoins are waking up bullish today, DOGE is likely to continue the uptrend with its hype going around.
Yesterday and today DOGE continues to the hype, becoming part of the Defi sector. Dogecoin is now available as renDOGE on the Ethereum network, opening up a whole new world of opportunities for the crypto community. The Dogecoin community can now hold DOGE while spending and participating in DeFi.
What do the Technical Indicators say?
The Dogecoin TradingView indicators (on the 1 day) mainly indicate DOGE as a buy, except the Oscillators which indicate DOGE as a neutral.
So Why did DOGE Breakout?
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up DOGE to their portfolio for this Altcoins rally to me new all-time high prices.
Doge’s resurgence in the last few hours has been due to enthusiasm from a Reddit group called SatoshiStreetBets.
It could also be contributed to some of the recent Elon Musk’s Tweet about DOGE a photo of a fake magazine cover titled “Dogue” instead of “Vogue.”
Recent DOGE News & Events:
- 8 February 2020 – 4-Way Fork
- 28 April 2020 – Tidex Delisting
- 10 July 2020 – Bitfinex Listing
- 08 September 2020 – Dogecoin Listed in WhiteBIT
Where to Buy or Trade Dogecoin?
Dogecoin has the highest liquidity on Binance Exchange so that would help for trading DOGE/USDT or DOGE/BTC pairs. However, if you’re just looking at buying some quick then Swyftx Exchange is a popular choice in Australia.
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Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
