30s Summary

Dogecoin (DOGE), the meme cryptocurrency, has risen by 62% this week, marking its highest increase since February. Analyzing weekly price trends, DOGE reflects patterns from late 2020, resulting in a 1,500% price hike by May 2021. Traders should note the 50-week simple moving average (SMA) potentially surpassing the 100-week SMA, a signal for some momentum traders. The 14-week relative strength index has surged past 70, indicating strong bullish momentum. However, the volatility of meme-currencies demands caution from investors.

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Dogecoin (DOGE), the world’s favorite meme cryptocurrency, has gone up an impressive 62% this week. This is the highest increase we’ve seen since February. If you’re a fan of tracking trends, you’ll see that DOGE’s current price is behaving a lot like it did in late 2020 and 2016.

Another thing for DOGE fans to get excited about is the bull cross. This is about to come into play for the first time since January 2021, indicating a bullish future for the cryptocurrency.

Digging into DOGE’s weekly price chart, we see a familiar pattern: it’s following a trend from late 2020 that led to a 1,500% price increase, hitting 73 cents by May 2021. Will DOGE repeat this feat? It’s certainly possible, especially considering that this surge comes after the U.S. presidential election, which historically has been a positive time for the coin.

Traders might want to pay attention to the 50-week simple moving average (SMA). It looks like it’s about to move past the 100-week SMA, which is a green light for some momentum traders. This pattern is not new; it last occurred after the 2020 U.S. election.

If DOGE follows the same trajectory, we might see higher highs in the coming weeks, beating the 2021 high of 73 cents. Adding further conviction to this, the 14-week relative strength index has shot past 70, signaling strong bullish momentum.

However, as exciting as all this is, do remember that meme-currencies can be extremely volatile. They often change direction quickly, so if you’re thinking about jumping in, be sure to keep a keen eye on your investments and have a contingency plan. Happy investing!