Is It Too Late to Buy Dogecoin as DOGE Pumps Up 3% in 24 Hours – Here's Where DOGE is Heading Now
Dogecoin (DOGE), the cryptocurrency that powers the decentralized, payments-focused, dog meme-inspired Dogecoin blockchain, was last up around 3% in the last 24 hours, as per data from CoinGecko.
DOGE was last changing hands around $0.085, up around 5.5% from last week’s lows in the $0.08 area, with the cryptocurrency having seen a solid bounce from its 100 and 200-Day Moving Averages, both of which are currently around $0.081.
Dogecoin is rallying in tandem with a Bitcoin-led move higher in broader cryptocurrency prices, which comes ahead of a very busy week on the US macro front.
Analysts and traders will be monitoring the release of key US inflation, retail sales and consumer sentiment data, as well as the FOMC minutes this week, and assessing how this data impacts the outlook for US economic growth and the Fed’s policy direction.
Positive moves in crypto markets imply that markets are taking the view that easier financial conditions are incoming, with inflation expected to moderate substantially this week (on a YoY basis, anyway).
While it's certainly been a positive start to the week for Dogecoin, recent moves are small compared to the violent price swing seen earlier this month.
Dogecoin pumped as much as 35% after Twitter changed its logo to the Dogecoin dog, before then reversing near enough of the entire move over the course of a few days last week.
Though Dogecoin is currently about 20% below its earlier monthly highs in the $0.10 area, the cryptocurrency appears to be in an uptrend going all the way back to early March.
The fact that DOGE found support so well at its 100 and 200DMAs is further confirmation that this uptrend remains technically valid, in the short-term, at least.
That suggests that Dogecoin is likely to
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