Chart of the day - DOGECOIN (11.11.2021)

11:15 am 11 November 2021

DOGECOIN has been trading in a narrow price range for some time. Despite a huge Bitcoin rally since September, Dogecoin has still problems with breaking above 0.30. The cryptocurrency is traded between 50 and 200 SMAs for about one month. 200 SMA (red line) is crucial to break as previously this line served as important support.

Dogecoin is waiting for a signal or factor that may spur much more volatility. Dogecoin is getting ready to go where no other cryptocurrency has been before, of course, thanks to Elon Musk and SpaceX. The company works with blockchain startups Unizen and ZenX and with energy tech company Geometric Energy Corporation to build and launch the Doge-1 satellite into space and the moon. The whole mission must be paid in Dogecoin. The mission is planned for early 2022. When the mission will start it may be a huge catalyst for Dogecoin.

The correlation between Dogecoin and Bitcoin is considerable but not so big in recent weeks. Dogecoin needs its own catalyst to literally "fly". On the other hand, a possible Bitcoin sell-off is not good for the "meme" cryptocurrency. Breaking 200 SMA is crucial for bulls.  Levels of 0.20 and 0.24 are crucial supports and breaking below may drag Dogecoin even below 0,16 which is a key support of 2021 rally. Source: xStation5

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world.