Dogecoin Jumps 5%: Has The Time To 'Stack And Hold' Come?

Author: Khyathi Dalal | August 20, 2024 10:00am

Dogecoin's (CRYPTO: DOGE) 5% price bump has excited traders, who think it could be the start of more bullish price action to come.

What Happened: Pseudonymous trader Altcoin Sherpa noted on Tuesday that Dogecoin looks fine but not great. It is more like "buy and hold" and not a great buy for many active investors, he stated.

$DOGE still looks fine but don't really think this a great one to scalp; more just buy and hold. I dont think DOGE is a great buy for many active investors but if you just want to hold a meme and be fairly safe with it, doge is a good choice IMO. Or if you're moving big size pic.twitter.com/Y6ZP5amBGZ

— Altcoin Sherpa (@AltcoinSherpa) August 20, 2024

Crypto trader Kaleo said the upcoming few months for Dogecoin could be boredom, but the strategy should be "stack and hold." He predicts, "crab price action between $0.085 and $0.11 with declining volatility until the market heats up again."

Javon Marks sees Dogecoin's RSI moving closer to a breakout point and diverging (Hidden Bull) with a major "bull move" on the way. He predicts there could be a 513% spike to reach the "$0.6533 target and it may be at high speeds."

Also Read: Dogecoin’s Active Users On The Rise, Will This Impact DOGE Price?

Why It Matters: IntoTheBlock data shows a 25.3% increase in large transactions, while transactions greater than $100,000 spiked from 175 transactions to 211 transactions as of August 19. While daily active addresses dropped by 3.8%, currently 73% of holders are in profit. Exchanges netflows are down by 178%.

Benzinga technical analysis shows the RSI at a neutral 57.8. The 200-day simple moving average (SMA) crossed the 50-day SMA and 100-day SMA from below at a price target of $0.14б, implying the longer-term outlook for the meme coin remains strong.

Dogecoin's spike comes as Elon Musk shared an AI-generated image of him with a mic stand with the words D.O.G.E, standing for Department of Government Efficiency. 

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Elon Musk Sends Dogecoin Spiking With AI-Generated Image, Says ‘Willing To Serve’ In Government Department That Spells D.O.G.E.

Image: Shutterstock

Posted In: $DOGE