Key Insights
- Dogecoin started from a $0.055 low and began to race to the upside.
- Early last week, the global crypto market cap hit the crucial $1 trillion mark and broke through, as the entire market appeared to come alive.
- Over the weekend, Dogecoin has shed some of its gains and is now on a 99.51% gain over the last 7 days.
Dogecoin became quite the buzzword in the last week of October after the memecoin entered an aggressive flash pump that doubled its original price in seven days.
Early last week, the global crypto market cap hit the crucial $1 trillion mark and broke through, as the entire market appeared to come alive. DOGE started from a $0.055 low and began to race to the upside. Within a few days, the dog-themed cryptocurrency had broken through the $0.1 mark and showed no signs of slowing down.
By the end of the week, the cryptocurrency had hit a $0.15 high, printing a 105% gain on the charts in less than seven days.
DOGE Price Analysis: What Is Happening in the Charts?
Over the weekend, Dogecoin has shed some of its gains and is now on a 99.51% gain over the last 7 days. Dogecoin has also fallen more than 9% over the last 24 hours and is now changing hands at $0.118 at the time of writing.
After breaking through the $0.1 resistance and hitting its $0.15 high, the memecoin has begun to retrace its steps and has now fallen back to the $0.1 support in a corrective move that may become a consolidation.
This consolidation may last a while before the memecoin continues upwards or falls lower.
On the daily chart, the MACD line is still far above the signal line, indicating that despite the market correction on Dogecoin, the bulls are still firmly in control of the market.
The RSI still hovers around the oversold territory and now appears to be heading down for what might be a bounce and a continuation of the bullish move to the upside or a bearish crossover.
62% Of Dogecoin HODLers in Profit
The massive bullish gains on Dogecoin can be attributed to the “dogefather” Elon Musk’s acquisition of the social media giant Twitter.
As much as 62% of Dogecoin HODLers are now in profit because of the pump, amid speculation that the billionaire’s deal with Twitter may be a positive development for the memecoin.
According to data from the blockchain data aggregation platform, IntoTheBlocks, 62% of Dogecoin’s HODLers are profit, which means that Dogecoin’s performance with its bulls beats the performance of Bitcoin and Ethereum holders, with each having less than 60%.
The memecoin has even beaten cryptocurrencies like Cardano and Solana to become the 8th largest cryptocurrency in the world by market cap. All of this has happened in the hopes that the Dogecoin-Twitter integration will come to fruition.
A Dogecoin fan page has even tweeted about Dogecoin’s possible integration as a payment system, stating that the memecoin may very well be used as a tipping system.
Even the Cardano founder, Charles Hoskinson, has commented on the issue, adding that now that Twitter is in the hands of Elon Musk, Dogecoin has a “real possibility” of merging with the platform.
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