Riding Dogecoin’s Wave: Indicators Point To What Could Happen Next

Dogecoin (CRYPTO: DOGE) has rallied handsomely this week, but as the “King of memes coins” gains momentum, the next question on traders’ minds is whether it would be able to sustain the spike.

What happened: The dog-themed cryptocurrency lifted over 9% in the last 24 hours, fueled primarily by its “biggest” supporter, Elon Musk, who sold the idea of the so-called Department of Government Efficiency, popularly called ‘”DOGE,” while campaigning for former President Donald Trump.

The latest rally pushed Dogecoin’s weekly gains to over 24% and monthly gains to 32%. 

Widely-followed cryptocurrency trader Bluntz said that Dogecoin’s strongest move typically comes at the end of the cycle after Bitcoin (CRYPTO: BTC) has reached all-time highs.

“Legit from rock bottom to 30x in the space of a few weeks,” the trader added. “Yes we have new flashy memes now, but writing Doge off as dead would be a huge mistake, imo.”