On Friday, Dogecoin moved up over 13% higher on the back of hope that Elon Musk’s purchase of Twitter would lead to more chatter about Dogecoin.
Recall (and as I posted on Friday), Musk announced in February that his Tesla and SpaceX would accept Dogecoin for merchandise. It wasn’t the first time Musk had caused a stir in the dogecoin.
Musk loves Dogecoin
As I wrote at the time…”Musk loves Dogecoin”.
Musk loves Dogecoin like one of his own
On Friday, I pointed out in my post, that technically, the price moved above its 200 day MA at 0.07782 for the first time since November 2021 on Thursday (green line in the chart below). The price did move back below early on Friday, but recovered, and moved back above that key MA on the run back to the upside.
As a result, there was a key risk defining level in place. If the price could stay above the 200 day MA, it would allow the FOMO (FEAR OF MISSING OUT) traders to define and limit risk at the MA level. Stay above and the buyers remain in control.
Dogecoin breaks the 200 day MA and soars
So what happened?.
Looking at the hourly chart below, the price consolidated into the close on Friday, but found a bid above the 0.8850 area high, on Saturday. The break above led to a “too the moon” launch.
The price surged to a high of $0.1516 on Saturday before finding sellers. That is a 72% run up from the Friday high. Wow!
Dogecoin moved up 72% on Saturday
Looking at the daily chart (the top chart above), the price high moved up to test the 61.8% of the move down from the January 2022 high (high for the year) near $0.15168. Sellers leaned. The price did move lower. Buyers took profit.
The corrective low – off the high – did stall near a swing area on the daily chart near 0.1065 and 0.1103. The low reached 0.1111 just above the high of that swing area.
That area (between 0.1065 to 0.1111) will be risk now for traders looking for more upside momentum. Stay above and the bias remains in favor of the bulls/buyers. Move below and there could be more rotation back down toward the 0.1000 natural support level and potentially back down toward the 0.8900 area on a break of 0.1000.
Needless to say, it was a moon shot for dogecoin as FOMO is still alive and well. We will now look for a reignited liftoff off the corrective support.
PS. My neighbor posted the following picture on Thursday evening. Apparently, SpaceX launched a Falcon 9 rocket from Vandenberg Space Force Base in California on Thursday night. This is the view from Arizona. To the moon!
PSS. Looking ahead, on Tuesday, SpaceX launches again. This time in Florida. Do we have another Dogecoin surge scheduled for liftoff tomorrow at 9:40 AM ET to correspond with the SpaceX launch?
/bitcoin
Bitcoin
Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger network called a blockchain. As Bitcoins are not issued or backed by any governments or central banks, it is considered to be legal tender. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called Bitcoin mining. In exchange for Bitcoin mining, computers receive rewards in the form of new Bitcoins. Over time, mining grows increasingly difficult, leading subsequent rewards to become smaller and smaller. Given the structure of code, there will only ever be 21 million Bitcoins in existence. However, as of 2020, there were already 18.3 million Bitcoins in circulation. Bitcoin Making HistorySince its launch back in 2009, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Its popularity has also contributed significantly to the release of thousands of other cryptocurrencies, that are now known as altcoins. At its inception, the crypto market was originally hegemonic, though presently the landscape contains countless altcoins.Bitcoin has also been controversial since its original launch. It has been heavily criticized for its use in illegal transactions and money laundering given its decentralized nature.As Bitcoin is impossible to trace, this makes the cryptocurrency an ideal target for illicit behavior. Critics also point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen by some as a speculative bubble given its lack of oversight.
Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger network called a blockchain. As Bitcoins are not issued or backed by any governments or central banks, it is considered to be legal tender. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called Bitcoin mining. In exchange for Bitcoin mining, computers receive rewards in the form of new Bitcoins. Over time, mining grows increasingly difficult, leading subsequent rewards to become smaller and smaller. Given the structure of code, there will only ever be 21 million Bitcoins in existence. However, as of 2020, there were already 18.3 million Bitcoins in circulation. Bitcoin Making HistorySince its launch back in 2009, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Its popularity has also contributed significantly to the release of thousands of other cryptocurrencies, that are now known as altcoins. At its inception, the crypto market was originally hegemonic, though presently the landscape contains countless altcoins.Bitcoin has also been controversial since its original launch. It has been heavily criticized for its use in illegal transactions and money laundering given its decentralized nature.As Bitcoin is impossible to trace, this makes the cryptocurrency an ideal target for illicit behavior. Critics also point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen by some as a speculative bubble given its lack of oversight. Read this Term
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