Dogecoin (DOGE) Is Up 4.7% Over the Past Week, but Technical Analysis Shows Reason for Concern

Tesla CEO Elon Musk once again teased the Dogecoin community on Thursday by using the DOGE acronym in a tweet.

input: DOGE technical analysis as of Sep. 11 at 1:04 p.m. EST:

Relative Strength Index (RSI): 52.4, indicating a slightly bullish momentum.

Simple Moving Average (SMA):

200-day SMA: $0.14

50-day SMA: $0.13

100-day SMA: $0.13

Chart: TradingView

What Happened: Apex meme coin Dogecoin (CRYPTO: DOGE) was trading up 1.5% in the past 24 hours to $0.14 by 1:04 p.m. EST on Friday.

Tesla (NASDAQ:TSLA) CEO Elon Musk teased the DOGE community once again on Thursday with an acronym in a tweet.

Department Of Government Efficiency

This acronym is used to describe a fictitious government department, but Musk is a well-known supporter of DOGE.

Crypto trader SMFX reacted to Musk’s tweet by saying that when you bet on DOGE, you aren't betting on a meme coin, but "financial freedom." He added, "You're betting on the Elonistic financial revolution as he changes the world with D.O.G.E."

IntoTheBlock data showed that 70% of Dogecoin holders are currently in profit. Large holders, defined as those holding at least 10,000 DOGE in their wallets, now hold 62% of the coin.

Transactions greater than $100,000 also increased from 158 to 179 in a single day.

See More: Best Crypto Scanners

Benzinga's technical analysis shows that the apex meme coin is trading in a downtrend on the 200-day SMA chart.

Relative strength is indicating a slightly bullish momentum as the coin recovers from lows of around $0.12 in August. Several crypto traders have said they are accumulating DOGE again as it trades at lows.

Crypto trader Anbessa said he is accumulating DOGE again, while influencer Elliottwave Forecast said the meme coin may be due for a "daily corrective pullback and can break below August 2024 low."

What's Next: The influence of meme coins will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

DOGE Surges 8% As Elon Musk Jokes DOGE Will Be The ‘Official Mascot’ Of ‘Department Of Government Efficiency’