Dogecoin moves slightly: Will DOGE see a trend reversal?

If you have been keeping an eye on the crypto market, you probably know that Dogecoin (DOGE) has been quite volatile these days. As a meme coin, it began the journey and suddenly got fame and attention due to the support of Elon Musk. After a downtrend, DOGE is showing signs of trend reversal. What is the latest buzz around DOGE? Let’s dive into the recent developments and price action to see if a trend reversal is on the horizon.

Dogecoin Foundation’s Trademark Woes

First, let’s talk about the Dogecoin Foundation’s recent trademark application. The foundation had its eyes set on trademarking the Dogecoin symbol for various services, but the USPTO (United States Patent and Trademark Office) denied the application. The USPTO suggests the symbol is “generic for the applicant’s services.” In other words, it is too common to be trademarked.

Moreover, the USPTO argued that the symbol merely describes the services rather than distinguishing them. It is like trying to trademark the word “apple” for a company that sells apples – you can not monopolize a term that is so closely related to what you do.

The DOGE Community’s Take on the Trademark Denial

Unsurprisingly, the crypto community, especially the Dogecoin enthusiasts, had some thoughts about the trademark denial. Many saw it as a victory for decentralization, preventing any single entity from owning the rights to the beloved DOGE symbol. Members of the Dogecoin community expressed their support for the decision on social media, applauding the USPTO’s stand against monopolizing a widely recognized symbol.

The Current Price Action of Dogecoin

Now, let’s talk numbers. Over the past 24 hours, Dogecoin’s price has nudged up by a modest 0.36%, trading at around $0.0627. With a market capitalization of nearly $9 billion, DOGE remains one of the top 10 cryptocurrencies by market value. 

In the last month, Dogecoin faced a 15.35% drop in value. Now, it has been consolidated in the daily and weekly charts. RSI stays around 35, and candlesticks are in the lower Bollinger Bands. Experts suggest that any tweet from Elon Musk can change the trend for DOGE. Check out our Dogecoin prediction for detailed insights, price action, and technical analysis. 

A Glimmer of Hope for a Trend Reversal?

Given the recent consolidation and the support DOGE found around $0.06, there is hope for a potential trend reversal. While the short-term technical indicators seem promising, the overall sentiment in the altcoin market remains cautious. We will need to see a surge in trading volumes for a real trend reversal. Much of the excitement around DOGE seems to have cooled off. That is why, as a DOGE enthusiast, you have to wait until the next volume surge for the trend reversal. 

Elon Musk and His Doge-Infused Tweets

Ah, Elon Musk – tweeted again. He makes DOGE, the leading meme coin in the crypto market, but without strong fundamentals. He tweeted, “X is a dog and Doge friendly place!” What’s X? Your guess is as good as mine. But one thing’s for sure: Musk’s words hold weight in the crypto sphere. He is even humorously dubbed himself the “Dogefather” and “Dogecoin CEO.”

Remember that time he changed his Twitter logo? The result: a 30% spike in DOGE’s price. Musk’s influence on DOGE’s popularity is undeniable, and his tweets can cause its value to swing dramatically.

The Musk Effect and Buying at Current Levels

If you are considering buying DOGE at its current levels, remember that dollar-cost averaging can help you navigate the volatility.

Long-term believers might see the dips below $0.06 as buying opportunities, but keep in mind that the market could still be in for more twists and turns. On the other hand, if you are a short-term trader, you might want to wait for a stronger confirmation of a trend reversal before making significant moves.

Maintaining a diversified portfolio is more important than ever in these uncertain times. DOGE might have potential, but balancing risk and reward is wise. While a trend reversal could be on the horizon, the broader market conditions could play a significant role in DOGE’s journey ahead.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button