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.
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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
