- Dogecoin rose by a remarkable 366% in Q2 of 2021
- The meme-coin outperformed the top 5 digital assets in the same time period
- Dogecoin is battling to maintain the 200-day moving average as support
- DOGE has also retraced by 77%since its all-time high of $0.74 set in early May due to Elon Musk hosting Saturday Night Live
The popular meme-coin of Dogecoin (DOGE) outperformed the top 5 digital assets in the second quarter of 2021. This is according to CoinGecko’s Q2 quarterly report that also pointed out that Dogecoin rose by a remarkable 366% in the same time period.
The team at CoinGecko shared their analysis of Dogecoin through the following statement and accompanying chart demonstrating how DOGE outperformed the top 5 cryptos.
In Q2, the market entered into a meme frenzy. Dogecoin (DOGE) led the pack with an impressive 366% gain. Meanwhile, Bitcoin (BTC) suffered a loss of 40%. Overall, top-5 cryptocurrencies underperformed from the previous quarter.
Dogecoin (DOGE) Battles To Maintain the 200-day Moving Average as Support
With respect to price action, Dogecoin is currently hovering at the $0.17 price area. Furthermore, the meme-coin is currently trading slightly below the 200-day moving average as highlighted in the following chart.
Also from the daily chart DOGE/USDT chart above, the following can be observed:
- Dogecoin is in a clear downtrend and has retraced by roughly 77% since its all-time high value of $0.74 set in early May as news broke of Elon Musk hosting an episode of Saturday Night Live
- Dogecoin seems destined for a death cross as we approach the month of August. The 50-day moving average looks set to cross the 200-day moving average towards the end of July
- Dogecoin’s trade volume has reduced tremendously from levels last seen in the months of April and May
- The daily MACD is hinting at a bearish scenario for Dogecoin
- However, the daily MFI and RSI offer a small indication of an oversold scenario that could help DOGE reclaim the 200-day MA as support in the coming week