‘Intermediate-term momentum is positive, and short-term momentum is improving. Relative strength versus bitcoin has turned up, but seems fragile,’ says Fairlead’s Katie Stockton
Here’s how to tell if dogecoin’s rebound is more bark than bite, according to technical analysts following the popular crypto.
On Friday afternoon, dogecoin prices DOGEUSD, -7.79% were changing hands at 56.5 cents, up over 40% on CoinDesk, and near the highs of the day, amid a powerful rebound for the meme asset that had skidded to a 24-hour low at 37.5 cents.
It isn’t clear if the current uptrend for doge represents a modest rebound or a more decisive shift in momentum, as the climb coincides with news that Coinbase Global will offer the crypto on its platform in about two months and comments from Elon Musk on Thursday, who claimed in a tweet that he was “working with Doge [developers] to improve system transaction efficiency.”
“Potentially promising.” Musk wrote.
