Dogecoin Traders Watch For A Breakout On Higher-Than-Average Volume

Christian Encila

2 years ago

3 mins read

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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.

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.

Let’s 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.

Dogecoin (DOGE) Recent Performance And Price Action

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 potential bearish trend.

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.

At the time of writing, Dogecoin’s price on CoinGecko 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%.

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.

Potential Catalyst For Dogecoin’s Recent Rally

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.”

However, he has now handed the leadership to Linda Yaccarino, NBCUniversal’s advertising chief, who appears to share Musk’s enthusiasm for meme coins.

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.

DOGE total market cap currently at $10 billion on the weekend chart at TradingView.com

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.

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.

Only time will tell whether the “Yaccarino Effect” will be a potential catalyst for Dogecoin’s growth in the near future.

-Featured image from EPLAN UK Blog

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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