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<\/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<\/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.<\/p>\n
On Wednesday, Dogecoin\u2019s 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\u2019s 24-hour trading session, Dogecoin was attempting to print an inside bar pattern, indicating a potential bearish trend<\/a>.\u00a0<\/p>\n Traders should monitor the crypto\u2019s movement and volume to assess its future direction, especially if it breaks up or down from Thursday\u2019s mother bar.<\/p>\n At the time of writing, Dogecoin\u2019s price on CoinGecko<\/a> 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%.<\/p>\n Despite the recent decline, there\u2019s a chance that Dogecoin\u2019s local bottom has occurred as it was working to print a hammer candlestick on Friday. This candlestick pattern suggests that the cryptocurrency\u2019s 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.<\/p>\n Dogecoin\u2019s 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 \u201cDogefather.\u201d\u00a0<\/p>\n However, he has now handed the leadership to Linda Yaccarino<\/a>, NBCUniversal\u2019s advertising chief, who appears to share Musk\u2019s enthusiasm for meme coins.<\/p>\n Yaccarino\u2019s 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. <\/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<\/p>\n It remains to be seen if Yaccarino\u2019s involvement will have an impact on Dogecoin\u2019s future performance, similar to the influence that Musk has wielded over the cryptocurrency. <\/p>\n Only time will tell whether the \u201cYaccarino Effect\u201d will be a potential catalyst for Dogecoin\u2019s growth in the near future.<\/p>\n -Featured image from EPLAN UK Blog<\/em><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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<\/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<\/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.<\/p>\n On Wednesday, Dogecoin\u2019s 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\u2019s 24-hour trading session, Dogecoin was attempting to print an inside bar pattern, indicating a potential bearish trend<\/a>.\u00a0<\/p>\n Traders should monitor the crypto\u2019s movement and volume to assess its future direction, especially if it breaks up or down from Thursday\u2019s mother bar.<\/p>\nPotential Catalyst For Dogecoin\u2019s Recent Rally<\/strong><\/h2>\n
Dogecoin (DOGE) Recent Performance And Price Action<\/strong><\/h2>\n