• Dogecoin (DOGE) was last up around 3% in the last 24 hours, changing hands around $0.085.
• The cryptocurrency is currently rallying in tandem with a Bitcoin-led move higher in broader cryptocurrency prices.
• Analysts and traders will be monitoring the release of key US inflation, retail sales and consumer sentiment data this week to assess how it impacts the outlook for US economic growth and the Fed’s policy direction.
Dogecoin on the Rise
Dogecoin (DOGE), the cryptocurrency that powers the decentralized, payments-focused, dog meme-inspired Dogecoin blockchain, was last up around 3% in the last 24 hours, as per data from CoinGecko. DOGE was last changing hands around $0.085, up around 5.5% from last week’s lows in the $0.08 area, with the cryptocurrency having seen a solid bounce from its 100 and 200-Day Moving Averages, both of which are currently around $0.081.
Rallying Alongside Bitcoin
Dogecoin is rallying in tandem with a Bitcoin-led move higher in broader cryptocurrency prices, which comes ahead of a very busy week on the US macro front. Analysts and traders will be monitoring the release of key US inflation, retail sales and consumer sentiment data, as well as the FOMC minutes this week to assess how this data impacts the outlook for US economic growth and Federal Reserve’s policy direction.
What Does This Mean?
Positive moves in crypto markets imply that markets are taking into account that easier financial conditions are incoming; inflation is expected to moderate substantially this week (on a YoY basis). Though Dogecoin is currently about 20% below its earlier monthly highs in the $0.10 area; DOGE found support well at its 100 and 200DMAs suggesting an uptrend remains technically valid; pushing towards top of range between $0.06-$0.10/11 from December 2020 onwards..
Is it Too Late to Buy Dogecoin?
Asking whether it is “too late” to buy an asset is never a good way to think about investing; instead investors should assess price outlook & risk reward before allocating any portion of their portfolio to an asset such as Dogecoin (DOGE).
Dogecoin (DOGE) has been rising since early March 2021 despite being down 20% from earlier monthly highs; however recent moves have been small compared to violent price swing seen earlier this month – implying that markets’ view leans towards easier financial conditions incoming & moderating inflation ahead of key US macroeconomic releases this week including FOMC minutes & retail sales data etc.. Asking whether it’s too late to buy DOGE or not isn’t beneficial but assessing price outlook & risk reward before allocating any portion of one’s portfolio can help make better investment decisions regarding cryptocurrencies like Dogecoin .