- Dogecoin rose by a remarkable 366% in Q2 of 2021
- The meme-coin outperformed the top 5 digital assets in the same time period
- Dogecoin is battling to maintain the 200-day moving average as support
- DOGE has also retraced by 77%since its all-time high of $0.74 set in early May due to Elon Musk hosting Saturday Night Live
The popular meme-coin of Dogecoin (DOGE) outperformed the top 5 digital assets in the second quarter of 2021. This is according to CoinGecko’s Q2 quarterly report that also pointed out that Dogecoin rose by a remarkable 366% in the same time period.
The team at CoinGecko shared their analysis of Dogecoin through the following statement and accompanying chart demonstrating how DOGE outperformed the top 5 cryptos.
In Q2, the market entered into a meme frenzy. Dogecoin (DOGE) led the pack with an impressive 366% gain. Meanwhile, Bitcoin (BTC) suffered a loss of 40%. Overall, top-5 cryptocurrencies underperformed from the previous quarter.
Dogecoin (DOGE) Battles To Maintain the 200-day Moving Average as Support
With respect to price action, Dogecoin is currently hovering at the $0.17 price area. Furthermore, the meme-coin is currently trading slightly below the 200-day moving average as highlighted in the following chart.
Also from the daily chart DOGE/USDT chart above, the following can be observed:
- Dogecoin is in a clear downtrend and has retraced by roughly 77% since its all-time high value of $0.74 set in early May as news broke of Elon Musk hosting an episode of Saturday Night Live
- Dogecoin seems destined for a death cross as we approach the month of August. The 50-day moving average looks set to cross the 200-day moving average towards the end of July
- Dogecoin’s trade volume has reduced tremendously from levels last seen in the months of April and May
- The daily MACD is hinting at a bearish scenario for Dogecoin
- However, the daily MFI and RSI offer a small indication of an oversold scenario that could help DOGE reclaim the 200-day MA as support in the coming week
As with all analyses of altcoins such as Dogecoin, traders and investors are recommended to keep an eye out for any sudden volatility by Bitcoin that might affect their DOGE positions.