Dogecoin Daily: Weekend Meme Coin Rally Flattens Out, One Analyst Is Urging Caution

Dogecoin DOGE/USD traded slightly over 24 hours at $0.08, leading up to early Monday morning.

DOGE posted a marginal gain whileother major coins traded in the red at press time and the global crypto market cap decreased 1.7% to $1.2 trillion.

See Also: How To Get Free Crypto

The DOGE Factors

• DOGE was among the most-mentioned coins on Twitter at press time, according to Cointrendz. The three most-mentioned coins were Bitcoin, Ethereum, and Shiba Inu.
• Dogecoin was seen trending on price tracking websites CoinMarketCap and CoinGecko at press time.
• The 24-hour trading volume for DOGE shot up 167.2% to $1.51 billion, according to data from CoinMarketCap.
• Coinglass data indicated that $5.3 million worth of DOGE was liquidated over 24 hours, as the price of the meme coin rose.
• The relative strength index for DOGE was at 63 at press time, according to TradingView. An asset with RSI above 70 is considered overbought and RSI under 30 means it is oversold.

Dogecoin Strikes Big Gains

Even as major coins retreated on Sunday night capping a weekend rally, meme coins such as DOGE remained firmly in the green. Trader Justin Bennett urged caution based on the movements of the total market cap. OANDA Senior Market Analyst Craig Erlam said there was “little momentum” in Bitcoin and it was going to make getting past the $25,000 level “very difficult.”

Dogecoin’s move up was based on its massive volume, which might indicate interest has returned back to the cryptocurrency, Benzinga’s Melanie Schaffer wrote. 

Schaffer said DOGE has resistance above at $0.083 and the $0.097 levels and support below at the $0.075 and $0.065 marks.

New Doge App Brewing Made Easy

Dogecoin Foundation Director Timothy Stebbing said over the weekend that developer Shafil Alam’s work on libdogecoin opens the possibility to build new DOGE coin apps. Alam has already compiled the clean C library for iOS and Android.

Shafil Alam demonstrates the power of libdogecoin to bring #dogecoindev to new realms: having now compiled for iOS & Android (for @FlutterDev). We have @chromatic_x with Perl, @inevitable360 with php, Jaxalotl with Python .. so many ways to build new doge apps brewing!  https://t.co/3kpGx1ZWCD

— Timothy Stebbing (@tjstebbing) August 14, 2022

DOGE On The Web

The rise of DOGE on Sunday prompted optimistic memes on Twitter. 

#DogecoinToTheMoon is trending! $DOGE pic.twitter.com/nWeQdCinKw

—  (@itsALLrisky) August 14, 2022