#crypto trading# SMA#Volatility+2 more tags

How Dogecoin (DOGE) Could Ride Roaring Kitty's Comeback

May 16, 2024 2 min read
News Article Banner Image

The resurgence of Keith Gill, known as Roaring Kitty, on social media has sparked a meme stock rally, reminiscent of the 2021 trading frenzy. This renewed interest in meme stocks could potentially impact cryptocurrencies like Dogecoin (DOGE).

The recent surge in GameStop and AMC stocks, driven by Gill's return, has reignited interest in meme coins, signaling possible bullish outcomes for the $52 billion sector.

History Repeats Itself?

Historically, the trading frenzy surrounding meme stocks in 2021 spilled over into the cryptocurrency market, driving a monumental rise in meme tokens. Dogecoin enthusiasts hope for a similar upward trend following Gill's comeback.

Market analysts are closely monitoring Dogecoin's trajectory as it approaches critical technical levels. The 20-day Exponential Moving Average (EMA) at $0.149 is a key level to watch, with a potential rally toward the 50-day Simple Moving Average (SMA) at $0.166 if Dogecoin maintains support above this barrier. However, failure to hold the crucial support at $0.149 could lead to a correction toward $0.120.

Looking Ahead: Investors are advised to pay close attention to these levels, as the excitement from the meme stock rallies of 2021 could propel Dogecoin and other meme coins to new highs.

Popular news

How to Set Up and Use Trust Wallet for Binance Smart Chain
#Bitcoin#Bitcoins#Config+2 more tags

How to Set Up and Use Trust Wallet for Binance Smart Chain

Your Essential Guide To Binance Leveraged Tokens

Your Essential Guide To Binance Leveraged Tokens

How to Sell Your Bitcoin Into Cash on Binance (2021 Update)

How to Sell Your Bitcoin Into Cash on Binance (2021 Update)

What is Grid Trading? (A Crypto-Futures Guide)

What is Grid Trading? (A Crypto-Futures Guide)

Start trading with Cryptohopper for free!

Free to use - no credit card required

Let's get started
Cryptohopper appCryptohopper app

Disclaimer: Cryptohopper is not a regulated entity. Cryptocurrency bot trading involves substantial risks, and past performance is not indicative of future results. The profits shown in product screenshots are for illustrative purposes and may be exaggerated. Only engage in bot trading if you possess sufficient knowledge or seek guidance from a qualified financial advisor. Under no circumstances shall Cryptohopper accept any liability to any person or entity for (a) any loss or damage, in whole or in part, caused by, arising out of, or in connection with transactions involving our software or (b) any direct, indirect, special, consequential, or incidental damages. Please note that the content available on the Cryptohopper social trading platform is generated by members of the Cryptohopper community and does not constitute advice or recommendations from Cryptohopper or on its behalf. Profits shown on the Markteplace are not indicative of future results. By using Cryptohopper's services, you acknowledge and accept the inherent risks involved in cryptocurrency trading and agree to hold Cryptohopper harmless from any liabilities or losses incurred. It is essential to review and understand our Terms of Service and Risk Disclosure Policy before using our software or engaging in any trading activities. Please consult legal and financial professionals for personalized advice based on your specific circumstances.

©2017 - 2024 Copyright by Cryptohopper™ - All rights reserved.