DOGE Pumps 3%: Is It Too Late to Buy Dogecoin? Here’s Where It’s Heading Now
• Dogecoin was last up around 3% in the last 24 hours, as per data from CoinGecko.
• Markets are taking the view that easier financial conditions are incoming, with inflation expected to moderate substantially this week.
• Dogecoin is likely to push upwards towards the top of the $0.06-$0.10/11 range that has been in play now going all the way back to last December.
DogeCoin Price Update
Dogecoin (DOGE), the cryptocurrency that powers the decentralized, payments-focused, dog meme-inspired Dogecoin blockchain, was last up around 3% in the last 24 hours, as per data from CoinGecko. DOGE was last changing hands around $0.085, up around 5.5% from last week’s lows in the $0.08 area, with the cryptocurrency having seen a solid bounce from its 100 and 200-Day Moving Averages, both of which are currently around $0.081.
US Economic Outlook
Analysts and traders will be monitoring the release of key US inflation, retail sales and consumer sentiment data, as well as the FOMC minutes this week, and assessing how this data impacts the outlook for US economic growth and the Fed’s policy direction. Positive moves in crypto markets imply that markets are taking the view that easier financial conditions are incoming, with inflation expected to moderate substantially this week (on a YoY basis, anyway).
Recent Price Movements
Though Dogecoin is currently about 20% below its earlier monthly highs in the $0.10 area, the cryptocurrency appears to be in an uptrend going all