Dogecoin Defies Market Dip, Surges on Exchange Listings and Whale Activity

Dogecoin (DOGE) is defying the recent market downturn, climbing over 3% in the past 24 hours and trading comfortably above the key level of

Arslan Butt•Friday, March 22, 2024•2 min read

Dogecoin Defies Market Dip, Surges on Exchange Listings and Whale Activity

Dogecoin (DOGE) is defying the recent market downturn, climbing over 3% in the past 24 hours and trading comfortably above the key level of $0.15. Several factors appear to be driving this bullish trend.

Coinbase DOGE Futures Listing Fuels Speculation

The news of prominent crypto exchange Coinbase planning to offer Dogecoin futures contracts as early as April sent DOGE soaring by 18% earlier this month. This move is seen by some as a potential precursor to a spot DOGE ETF, further legitimizing the memecoin in the eyes of investors.

Elon Musk and X Payments

Elon Musk’s X social network securing payment licenses in key U.S. states has reignited speculation about Dogecoin integration. While Musk himself has denied issuing platform-specific tokens, the community anticipates potential collaborations involving DOGE on X, fueling buying pressure.

Dogecoin Whale Activity on the Rise

Data from IntoTheBlock (ITB) reveals a significant increase in whale transaction volume exceeding $5.29 billion in the past 24 hours. This renewed interest from large investors suggests confidence in DOGE’s future potential.

DOGE/USD Technical Analysis

Short-term Trend: Dogecoin is currently experiencing an upward trend, with prices breaking above the key resistance level of $0.15.
Support Levels: The immediate support level to watch is around $0.14, which acted as a support zone during the recent market dip. A break below this level could indicate a potential pullback.
Resistance Levels: The next resistance level to overcome is $0.18, followed by the psychological barrier of $0.20. Overcoming these hurdles could signal further bullish momentum.
Moving Averages: The 50-day moving average is currently sloping upwards, indicating a potential long-term uptrend. However, traders should monitor if the price dips below this line, which could suggest a shift in momentum.
Relative Strength Index (RSI): The RSI is likely hovering around 60indicating that DOGE might be entering overbought territory. This suggests a potential short-term correction before the next leg up.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.