{"id":175446,"date":"2023-05-14T07:31:31","date_gmt":"2023-05-14T07:31:31","guid":{"rendered":"https:\/\/precoinnews.com\/?p=175446"},"modified":"2023-05-14T07:31:31","modified_gmt":"2023-05-14T07:31:31","slug":"dogecoin-traders-watch-for-a-breakout","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/dogecoin-traders-watch-for-a-breakout\/","title":{"rendered":"Dogecoin Traders Watch For A Breakout"},"content":{"rendered":"
Dogecoin (DOGE) has been one of the most talked-about cryptocurrencies of 2021, thanks to the involvement of high-profile figures like Elon Musk and Mark Cuban. Its value skyrocketed earlier this year, but has since retreated.\u00a0<\/span><\/p>\n As investors and traders keep a close eye on its movements, the next potential catalyst for Dogecoin could be a decisive breakout on higher-than-average trading volume.\u00a0<\/span><\/p>\n Let\u2019s examine the current state of Dogecoin, what traders are looking for in terms of a breakout, and what the future may hold for this popular meme coin.<\/span><\/p>\n On Wednesday, Dogecoin’s downtrend was confirmed as the cryptocurrency hit a lower high of $0.074 and formed a lower low at the 7-cent mark on Monday. As of Friday’s 24-hour trading session, Dogecoin was attempting to print an inside bar pattern, indicating a <\/span>potential bearish trend<\/span>.\u00a0<\/span><\/p>\n Traders should monitor the crypto’s movement and volume to assess its future direction, especially if it breaks up or down from Thursday’s mother bar.<\/span><\/p>\n At the time of writing, Dogecoin’s price on <\/span>CoinGecko<\/span> was 0.072436, showing a 3.0% 24-hour rally. However, the last seven days have been challenging for the meme-inspired cryptocurrency, with a significant slump of 9.0%.<\/span><\/p>\n Despite the recent decline, there’s a chance that Dogecoin’s local bottom has occurred as it was working to print a hammer candlestick on Friday. This candlestick pattern suggests that the cryptocurrency’s downward momentum may have come to a halt, but it remains to be seen whether it can sustain an upward trend in the coming days.<\/span><\/p>\n Dogecoin’s recent 24-hour rally may have been influenced by the recent events on Twitter, which have been previously spearheaded by Elon Musk, the self-proclaimed “Dogefather.”\u00a0<\/span><\/p>\n However, he has now <\/span>handed the leadership to Linda Yaccarino<\/span>, NBCUniversal’s advertising chief, who appears to share Musk’s enthusiasm for meme coins.<\/span><\/p>\n Yaccarino’s interest in Dogecoin and Shiba Inu is evident from the fact that she follows multiple affiliated accounts on Twitter, including the primary ones for both cryptocurrencies. <\/span><\/p>\n DOGE total market cap currently at $10 billion on the weekend chart at TradingView.com<\/p>\n Related Reading: SPONGE Lists On 2 Major Exchanges: Will It Beat Pepe\u2019s Solid Price Performance?<\/p>\n However, her views on key issues related to cryptocurrencies, particularly their potential role on social media platforms, remain largely unknown, despite her active presence on Twitter.\u00a0<\/span><\/p>\n It remains to be seen if Yaccarino’s involvement will have an impact on Dogecoin’s future performance, similar to the influence that Musk has wielded over the cryptocurrency. <\/span><\/p>\n Only time will tell whether the “Yaccarino Effect” will be a potential catalyst for Dogecoin’s growth in the near future.<\/span><\/p>\n -Featured image from EPLAN UK Blog<\/em><\/p>\nDogecoin (DOGE) Recent Performance And Price Action<\/strong><\/h2>\n
Potential Catalyst For Dogecoin’s Recent Rally<\/strong><\/h2>\n