- Dogecoin recently set an all-time high of $0.087 – Binance rate
- However, on-chain metrics did not reflect the massive price surge
- DOGE’s active addresses failed to hit an all-time high as traders used Robinhood
- Robinhood does not allow direct ownership of digital assets
On the 29th of January, the online crypto trading community inspired by the achievements of WallStreetBets with the pumping of Gamestop (GME), decided to buy Dogecoin (DOGE) en masse. As a result, the meme-coin went on to hit new all-time highs of $0.087 – Binance rate.
The events surrounding the incredible pump of Dogecoin (DOGE) is best captured by the team at Glassnode via the following statement.
There’s no better example of social media driven crypto hype than Dogecoin’s (DOGE) meteoric rise. Born from a meme, DOGE is unsurprisingly being embraced on social media and fueled by groups on platforms like Twitter, TikTok, Discord, Telegram, and Reddit. DOGE price jumped up to over $0.085 on January 29th, shattering the previous all-time high of $0.017.
Dogecoin (DOGE) Active Addresses Fell Short of an All-time High
The team at Glassnode went on to explain that majority of the DogeCoin buyers did so via Robinhood which does not allow them to actually hold DOGE. According to Glassnode, this prevented Dogecoin from achieving an all-time high in terms of active addresses. They explained:
DOGE also benefited from Robinhood’s shortcomings: after Robinhood limited buying of GME, AMC, and other stocks on the morning of January 29th many investors turned toward DOGE.
Despite the huge run up in price DOGE active addresses did not even reach a new all-time high.
This suggests that most new buyers bought and held on centralized platforms like Robinhood rather than buying DOGE and holding it in their own addresses.
Dogecoin Consolidates at $0.030
At the time of writing, Dogecoin (DOGE) is trading at $0.031 as traders and investors contemplate on the meme-coin’s next move. The initial plan was to pump DOGE to $1. Therefore, there could be another attempt at pumping Dogecoin to at least $0.10.
However, as with all price gains orchestrated via social media, another mega pump will most likely end in a massive correction such as the one witnessed last week. Dogecoin traders and investors are thus reminded of the risks associated with such price movements that are reminiscent of the pumps and dumps of the 2017/18 bull cycle.
Dogecoin Adoption in the US Supercedes Bitcoin and Ethereum, According to New Crypto Survey
The adoption rate of Dogecoin (DOGE) in the US is nearly double that of the rest of the world, according to a new survey from the Australian publication Finder.
The survey polled 41,645 individuals in 22 countries and found that nearly a third of all cryptocurrency holders in the US own Dogecoin.
“Of those that own crypto, Dogecoin sees its highest adoption in the United States with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%.”
The Finder survey says that Cardano (ADA) enjoys the highest popularity in Australia, where more than a quarter of the country’s adult crypto holders own ADA.
“Cardano sees its peak in adoption in Australia, where 26.3% of the online population who own crypto say they have Cardano, which is 1.4 times the global average adoption rate of 18.5%.”
Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) enjoy the highest adoption rates in Asia.
More than three-quarters of Japanese crypto holders own BTC, while over half of Singaporean crypto holders possess ETH. Slightly more than a quarter of Indonesian crypto holders have BNB.
“Bitcoin has the highest adoption in Japan with 76.7% of adults who own crypto saying they own Bitcoin. This is 1.3 times the global average adoption rate of 58.9%.
Ethereum sees its highest adoption with crypto owners in Singapore with 52.4% of adults who own crypto saying they own Ethereum. This is 1.9 times the global average adoption rate of 27.4%.
Binance Coin sees its highest adoption among those who own crypto in Indonesia, with 26.9% of respondents who own crypto saying they own Binance Coin. This is 1.8 times the global average adoption rate of 15%.”
Dogecoin Price Struggling Near Vital DMA Lines, With Average Volume Activity.
- Dogecoin price is currently trading near its major moving averages of 20, 50, 100, and 200-day lines, with slightly lower volume activity.
- The digital asset is presently trying to suppress its vital DMA lines and holding its 100 and 200-day lines.
- The pair of DOGE/BTC is trading at 0.000003868 BTC with an intraday gain of +1.02%, and the ratio of DOGE/ETH is CMP at 0.0000595 ETH with a 24-hour change of -5.98%.
Dogecoin price over the monthly chart is trying to sustain above its all vital moving averages of 20, 50, 100, and 200-day lines. Meanwhile, volume activity over the chart is slightly lower and needs to grow strongly. Similarly, the sustainability above its vital DMA lines with supportive volume activity will boost more upside in upcoming trading sessions.
Once the crypto asset jumps above its vital DMA lines, supportive volume activity will create the next lap of bullish move till $0.32 to $0.36. Support on the lower side is $0.2250 and $0.1945, whereas resistance on the higher side is $0.2720 and $0.3260.
Dogecoin price is trading under the bullish chart pattern while creating higher highs and lows
Dogecoin price at the weekly chart is trading under the bullish chart pattern while creating higher highs and lows. Meanwhile, the technical parameters are slightly neutral, with a slight recovery from lower levels. Volume over the chart slightly increases and needs more growth for a continuation of the pattern. DOGE price is trading at $0.2573 with an intraday gain of +2.34%, and the volume to market cap ratio is 0.06616.
Relative Strength Index (BULLISH): Dogecoin price RSI is heading towards the overbought zone after a good recovery from the lower levels. In contrast, the coin trades on a higher note and projects slight caution with longs and RSI at 56.
Dogecoin Forecast and DOGE/USD Analysis October 21, 2021
DOGE/USD are traded at 0.2554 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2425 area. Where can we expect a rebound again and a continuation of the rise in the Dogecoin rate with a potential target above the level of 0.3155.
Dogecoin Forecast and DOGE/USD Analysis October 21, 2021
In favor of the growth of the DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 0.2175 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1845. With the breakdown of the resistance area and closing of quotations above the level of 0.2845, we should expect confirmation of the development of a bullish trend in Dogecoin.
Dogecoin Forecast and DOGE/USD Analysis October 21, 2021 therefore imply an attempt to correct and test the support area near the 0.2425 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3155. An additional signal in favor of raising Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2175 area. This will indicate a continued decline in cryptocurrency with a target below the level of 0.1845.