FACTORS INFLUENCING DOGECOIN

Dogecoin this month has been very turbulent, we have seen a very strong gain into the green and also we've seen them giving back those gains. Doge is up 6.75% as of the time of writing, it is just following the lead with all the others just trending in the green and up on the day. Very modest as it relates to some of the more small caps cryptos where we have seen bigger gains and bigger reactions to what we are getting into some slightly hawkish data coming from the inflation report. Right now, Doge is down 40% on the year and we have given back our monthly gain but Dogecoin has gotten some very strong momentum stemming from the super bowl and some Elon Musk news with their payment processing on Twitter.

---

When it comes to Dogecoin, it is a very volatile crypto when everybody likes to trade the non-technical side of Dogecoin if you will. The fundamentals are more on the back burner unless it is something where people are playing the whale game. We have begun a relief rally from the previous breakdown and have started to retest the support level since the breakdown. We have traded sniffing the 10 cents level as it relates to Dogecoin stemming back to February 5th. However, the price was not able to break that threshold and has since retreated into the 8-cent level that we are currently at.

---

Some factors are influencing that and contributing to that price action with Dogecoin. We are seeing the RSI data decrease below 50, this is more of a bearish trend increasing the validity of this breakdown we have seen with dogecoin. We could see Dogecoin bouncing back invalidating that support line, which is yet to be since. This is a really important month to follow Dogecoin to see what is doing. We got a little relief rally stemming from just an artificial pump from Elon Musk opening his mouth on Twitter. There is no real catalyst driving dogecoin one way or the other. It is just a community-led and community-back right now. That is not a bad thing because the community is strong but dogecoin is lack the significant catalyst to just vault them back to levels that we have seen since 2021.