Cryptocurrency Dogecoin was at $0.057410 at 10 a.m. ET Friday, according to Coingecko, up around 150% on the day. This followed a Reddit board discussion about making it the cryptocurrency equivalent of GameStop.
The price eased from $0.070755 late Thursday when it had experienced a jump of 800% in just 24 hours
Dogecoin started out as a 'joke' cryptocurrency based on a popular internet meme from nearly a decade ago. Its total market value is now about $9 billion, making it the seventh most valuable cryptocurrency, (based on CoinMarketCap data). Bitcoin leads the has the highest market cap among digital currencies with a total market value of about $160 billion.
On Thursday, Bloomberg reported users on the Reddit group SatoshiStreetBets were discussing their gains, with one user saying "Doge = the crypto GME," with "GME" referring to GameStop , the video game retailer whose value has been immensely boosted by retail investors recently.
The 10-day RSI Indicator for DOGE.X moved out of overbought territory on March 30, 2024. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 46 instances where the indicator moved out of the overbought zone. In of the 46 cases the stock moved lower in the days that followed. This puts the odds of a move down at .
The Momentum Indicator moved below the 0 level on April 24, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on DOGE.X as a result. In of 151 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for DOGE.X turned negative on April 03, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 52 similar instances when the indicator turned negative. In of the 52 cases the stock turned lower in the days that followed. This puts the odds of success at .
DOGE.X moved below its 50-day moving average on April 13, 2024 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for DOGE.X crossed bearishly below the 50-day moving average on April 18, 2024. This indicates that the trend has shifted lower and could be considered a sell signal. In of 18 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where DOGE.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for DOGE.X entered a downward trend on April 20, 2024. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 95 cases where DOGE.X's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
Following a +2 3-day Advance, the price is estimated to grow further. Considering data from situations where DOGE.X advanced for three days, in of 393 cases, the price rose further within the following month. The odds of a continued upward trend are .
DOGE.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows