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Dogecoin Defies Gravity Even As Bitcoin And Ethereum Cool Down, But Technical Indicators Flash Red: Is A Correction Coming?

Mehab Qureshi
February 29, 2024

Dogecoin (CRYPTO: DOGE) is surging even as the two largest cryptocurrencies by market cap, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), show signs of slowing down. However, technical indicators suggest this rally might not have strong foundations for long-term growth.

DOGE’s Price Jump & Bitcoin’s Influence

DOGE skyrocketed to $0.12 on Thursday, a price last seen over two years ago, on Feb. 11, 2022. This rise coincides with Bitcoin’s surge to $64,000 on Wednesday, which marked a 20% increase for the leading cryptocurrency this week. Nearly all Bitcoin holders are currently in profit, according to IntoTheBlock data, with 99% of addresses showing gains.

Cautionary Technical Signals

Despite the price jump, technical indicators typically used to predict future price movements are signaling caution for Dogecoin.

  • Relative Strength Index (RSI): At 84.0732, the RSI suggests Dogecoin may be overbought, indicating potentially unsustainable momentum.
  • Commodity Channel Index (CCI): The CCI reading of 224.9929 signifies a “sell” signal, suggesting a potential price correction.
  • Hull Moving Average (HMA): The HMA also suggests a sell sentiment, possibly indicating a halt in price momentum.

See Also: Is Dogecoin A Good Investment in 2024?

Mixed Signals: Pivot point analysis, a tool for identifying support and resistance levels, paints a more optimistic picture. It suggests potential resistance at $0.1427 and support at $0.0847, indicating room for further growth with a safety net if prices fall.

However, network activity data from IntoTheBlock paints a contrasting picture. New Dogecoin address creation and daily active address count both dropped by 13% and 12% respectively in the last seven days, potentially indicating a decline in new user interest.

Uncertainty Behind Rally: Analysts haven’t identified any specific catalyst for DOGE’s rise beyond Bitcoin’s recent rally. Cryptocurrency expert Daan Crypto Trades attributes it to the absence of other factors, stating, "No catalyst just yet besides #Bitcoin nearing in on its all-time highs and seemingly flooding back in with Coinbase going down during the pump."

However, Rekt Capital, a pseudonymous analyst, predicts a brighter future for DOGE, stating, “A Monthly Close above the Macro Downtrend would kickstart a new Macro Uptrend for #DOGE.”

Dogecoin currently holds the ninth position among cryptocurrencies by market cap, with a value of $18.3 billion.

Price Action: As of writing, DOGE is trading at $0.12, up 3.22% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Photo by Dennis Diatel on Shutterstock

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