Dogecoin’s performance this week

Dogecoin ($DOGE) had a pretty impressive performance in April. It has now returned to $0.1452 in the last 7 days. That is a dip of 10.60%. The price remains near the All-Time High (ATH) of $0.17, attained in April 2021. If it triggered a spike once more, there would be the potential to surpass the value of $1 by the end of 2024.

DOGE whales have demonstrated their support for the token. They bought over 700 million tokens in just 72 hours, or approximately $112 million at the time of the transactions. If whales continue to rally their support, we expect the price to rise. This is not the first time that whales have come out to support a token. They are largely credited with similar activities, thereby helping to keep the token value alive in every possible situation.

Dogecoin’s performance has been associated with GME (GameStop). In 2021, it will be better known as meme stock. The trend dates back to January 2021, when GME surged by 800%. DOGE mirrored the trend, with an identical pattern.

For reference, GME has dropped by 4.30% in the last 24 hours at press time. The crypto is exchanging hands at $0.0202, which further reflects a surge of 69.52% in the last 7 days and 3304.27% in the last 30 days. The 24-hour trading volume is down by 11.95%.

Overall sentiments in DOGE are bearish, with the Fear & Greed Index showing 72 points. With a 14-day RSI of 40.07, the volatility has dipped to 4.95%. The 50-day SMA and 200-day SMA are $0.154108 and $0.124201, respectively. In terms of RSI, it is important for DOGE to inch closer to 70. Only then will it mean a potential bull run in the future.

At 1.55, the MVRV (market value to realized value) ratio is just above 1. This means that there is potential for a positive rally on the charts.

Let’s move past the numbers and consider the potential influence of Musk on market sentiments. It refers to Elon Musk’s alleged involvement in influencing the price of Dogecoin (DOGE). He had earlier expressed interest in making X an  all-in-one app for users. It meant having a payment mechanism in place with a bunch of different modes—crypto included. People speculated that Dogecoin would be the first token to join the list. To reiterate, it was speculated that DOGE would be listed on X.

Nevertheless, it ended up making a mark on the price charts, and the prices jumped significantly. Elon Musk has never confirmed plans to integrate DOGE, but he has never denied them either.

The early resistance level of DOGE is $0.1400, followed by $0.1200. Falling below the latter level could lead to further declines. Inching closer to $0.17 would mean a step in the opposite direction, which is a bull run, and a positive conclusion to the current year, which is 2024.

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.

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