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What's Going On With Dogecoin Today And Is A Price-Trend Reversal In Store?

Dogecoin (CRYPTO: DOGE)  traded 0.57% higher at $0.22 over 24 hours early Wednesday morning.

What’s Moving? The meme cryptocurrency has declined 5.92% over a seven-day trailing period.

DOGE rose 0.38% against the apex cryptocurrency Bitcoin and fell 2.27% against Ethereum, the second-largest coin in a 24 hour period.

The year-to-date gains of DOGE stand at 3786.65% at press time. The coin hit an all-time high of $0.74 in May this year.

In the last 90 days, DOGE has fallen 19.99% and over the past 30 days, its value has decreased 17.85%.

See Also: How To Buy Dogecoin (DOGE)
Why Is It Moving? DOGE moved in tandem with other major coins into the green at press time as the global cryptocurrency market cap rose 1.15% to $2.58 trillion.

DOGE saw a moderate amount of mentions on Twitter at press time and attracted 908 tweets. The most mentioned coins Bitcoin and Ethereum attracted 4,371 and 2,616 tweets, respectively.

CryptoQuant, a community-driven analytics platform, urged caution on Bitcoin heading into the Thanksgiving weekend in the United States citing downside volatility seen in the past around the holiday.

Benzinga’s Melanie Schaffer noted on Tuesday that a reveral could be in store for DOGE if it can regain a key trendline. Schaffer pointed out that Tuesday’s lower low was just below the Nov. 18 low of $0.216 and the meme coin may have “printed a bullish double bottom pattern at the level.” 

On Tuesday, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk took aim at Binance CEO Changpeng Zhao on Twitter over an error that caused DOGE holders’ funds to get stuck on the exchange.

Also on the same day, Robinhood Markets Inc (NASDAQ:HOOD) tested a transfer of DOGE to an external wallet for the first time, which was described by DOGE co-creator Billy Markus as “huge.”

Meanwhile, Ripple Inc CEO Brad Garlinghouse said DOGE’s “inflationary dynamics” would make him “reluctant to hold it” in an interview with CNBC.

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