Although Dogecoin lost much of its value in 2018, it still has supporters who trade it. The majority are using it for content on Twitter and Reddit. Dogecoin is based on the dog meme. Elon Musk continually supports the memecoin, thereby affecting its prices always. The complete official acquisition of Twitter inspired a massive price rally for DOGE. Over the past seven days, the cryptocurrency has pushed above a 200-day moving average. Related Reading: On-Chain Data Suggests Bitcoin Bottom Comparable To Previous Cycles It is a huge comeback for DOGE after trading below $0.06 a week ago. Its price jumped to an all-time high above $0.15 on Tuesday. According to TradingView, the ratio of DOGE’s market price and the 200-day simple moving average (SMA) hit 1.83. That is the highest value since June 2021. Dogecoin Rally Might Be A Sell News Event: Stockton The Mayer Multiple (also the ratio between market price and 200-day SMA) for DOGE ranks the highest by market cap among the top 20 cryptocurrencies. Founder and managing partner at Fairlead Strategies, Katie Stockton, commented on this. She confirmed that Dogecoin rallied above 100% last week due to speculations for Twitter integration. Stockton noted the surge above the 200-day moving average, acknowledging it as meaningful on its chart. Following Stockton’s analysis, DOGE’s break in price may have long-term effects if the bulls build a new base above the previous resistanc...
