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Coinbase Adds Dogecoin, XRP, and Shiba Inu to Its Newly Launched COIN50 Index Fund

Elendu Benedict
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Coinbase Adds Dogecoin, XRP, and Shiba Inu to Its Newly Launched COIN50 Index Fund

Leading US-based crypto exchange Coinbase has added Dogecoin, XRP, Shiba Inu, and 47 other crypto assets to its new Coinbase 50 index fund.

Coinbase has launched a crypto investment tool that tracks the performance of the top fifty crypto assets by market cap, excluding stablecoin. In a Tuesday release, the exchange noted that the index fund would provide alternative means to gain exposure to a wide array of digital assets through one fund.

The largest US exchange launched the fund in collaboration with index development firm MarketVector. The symbiotic partnership will leverage Coinbase’s strong market presence and MarketVector’s index experience to foster the adoption of the newly launched crypto fund.

Coinbase Launches Own Index Fund

Termed the Coinbase 50 or COIN50, the index fund benchmarks assets like Bitcoin, Ethereum, Solana, XRP, Dogecoin, and Shiba Inu. Notably, each of the cryptocurrencies weighs differently on the fund, as Coinbase proportioned the assets based on their market capitalization.

For context, Bitcoin weighs 51.70%, Ethereum 25.99%, and Solana 6.5%. Other notable assets like Dogecoin, XRP, and Shiba Inu account for 3.60%, 2.52%, and 1.00% of the index fund, respectively.

Notably, Coinbase will update the crypto asset weight in the fund depending on their performance. The exchange will also review the assets benchmarked by the fund as they move in the cryptocurrency market cap rankings.

Meanwhile, Coinabse’s head of product, Greg Tusar, noted that, besides generating revenue, the exchange intends to make COIN50 trading a “media play.” He stressed that Coinbase aims to achieve crypto branding through the index fund.

According to him, Coinbase wants the fund to mirror the crypto market’s performance, actively representing the sector. The Coinbase exec implied that COIN50 would be to cryptocurrency what the Polymarket odds were to market observers during the US presidential election.

Restricted Participation

In the meantime, only users outside the US, UK, and Canada can access the COIN50 index fund. This is due to the regulatory restrictions for crypto-related products in these countries.

Furthermore, institutional traders can access COIN50 through the Coinbase International exchange, while retailers can trade the fund on Coinbase Advanced. The Coinbase 50 index fund also provides up to 20x leverage through its perpetual futures contract.

Meanwhile, the launch came a few months after Coinbase debuted wrapped Bitcoin on the Basne network. In September, the exchange announced the launch of Coinbase Wrapped Bitcoin (cBTC), an ERC token worth 1 BTC.

Bloomberg Exec Reveals Why Dogecoin Outperformed Bitcoin

Lele Jima
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Bloomberg Exec Reveals Why Dogecoin Outperformed Bitcoin

Bloomberg’s crypto lead, Michael Regan, explains why Dogecoin outperformed Bitcoin this bull run, highlighting some factors behind DOGE’s remarkable rally.  

Dogecoin has continued to turn heads in the crypto market with its incredible performance, which surpassed other top assets like Bitcoin (BTC). Notably, Bloomberg highlighted Dogecoin’s recent surge, noting that the token’s price has increased by 50% in the past five days due to investors’ enthusiasm for crypto under President-elect Donald Trump.   

Factors Driving Dogecoin Rally  

While Dogecoin’s recent rally might come as a surprise given its meme origins, Michael P. Regan, the global team leader of cryptocurrencies at Bloomberg, believes DOGE is more serious than people think, suggesting that some factors could be fueling the asset’s value.

Payment Utility 

He mentioned that users pay lower fees when transacting with Dogecoin than with other cryptos, such as Bitcoin. According to Regan, Dogecoin’s low fees have made it a preferred payment method for international payments. He cited how Venezuelans living outside their country could send funds at a cheaper rate to their loved ones using DOGE. 

Additionally, the Bloomberg exec mentioned how people have been developing payment apps that accept DOGE, referencing New York-based Williamsburg Pizza as an example. 

Elon Musk Effect 

Meanwhile, Regan attributed the recent Dogecoin rally to Elon Musk’s influence, explaining how the X owner’s affinity for internet memes aligns with DOGE’s meme nature. 

Musk advocated for creating a new agency under the Donald Trump-led administration, the Department of Government Efficiency (D.O.G.E). 

Although the agency aims to cut tax expenses by streamlining government operations, many Dogecoin investors believe it would bolster Dogecoin’s value, potentially driving DOGE’s price after Donald Trump’s victory. 

High Volatility  

Explaining why Dogecoin has registered more gains in the past few days than Bitcoin, Regan used the analogy of how certain stocks surge more whenever the S&P 500 sees a slight increase. 

Similarly, he suggested that DOGE has greater volatility than Bitcoin, which has seen it rally more anytime the premier crypto asset moves, and slump harder on the back of a drop. 

Regan believes Dogecoin outperformed other assets like Bitcoin due to its payment utility, Elon Musk’s influence, and high volatility. 

Dogecoin Recent Performance 

Although Dogecoin has yet to register a new all-time high like Bitcoin has done in the current bull run, the token has seen significant gains of over 200% in the past month. 

Notably, DOGE rose from a monthly low of $0.1105 to $0.4359. Its market cap also increased to $62.96 billion from $16.43 billion in the same timeframe. This elevated Dogecoin to rank as the sixth-biggest cryptocurrency by market cap, surpassing XRP (XRP) and USD Coin (USDC). 

At press time, Dogecoin has lost some of its gains due to increased selling pressure witnessed across the broader market. DOGE is trading at $0.3693, down 15.27% from its recent peak of $0.4359, registered on November 12. 

Amid Bitcoin Dip to $85K, Brandt Suggests Likely Insane BTC Rebound to $327,060

Abdulkarim Abdulwahab
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Amid Bitcoin Dip to $85K, Brandt Suggests Likely Insane BTC Rebound to $327,060

Market veteran Peter Brandt suggests a likely Bitcoin price rebound to the six-figure region amid the recent correction.

After an eight-day streak of big green candles, Bitcoin is showing signs of cooling off, briefly retracing from Tuesday’s $89,950 all-time high.

For context, Bitcoin has dipped by 5.34% to $85,155 since reaching the $89K peak. Now, market participants are pondering whether the lead asset is due for a major retracement or if this explosive price action still has further upside potential.

Legendary market analyst Peter Brandt sparked a conversation earlier today, asking the community to weigh in on whether the market is overbought or merely in its early stages.

Brandt accompanied the post with a historical chart of Bitcoin, featuring various technical indicators to highlight the current market position. One of the major points of interest is that Bitcoin’s chart is showing an inverse head-and-shoulders pattern, a bullish indicator.

Brandt Still Targeting $327K for Bitcoin

Remarkably, the chart suggests that Bitcoin is only about halfway through the expected 518-day post-halving bull run, with further upside potential. On the conservative side, Brandt’s chart is predicting a continuation toward $134,052. 

A more optimistic scenario suggests a potential explosive rally to as high as $327,060 over the remaining months of the post-halving price surge. 

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Bitcoin 1W Chart | Peter Brandt

Although Brandt didn’t take a definitive position in his post, his chart only highlights bullish price targets for Bitcoin without offering any bearish scenarios.

Commenters Agree: Bitcoin Is Just Getting Started

Commenters on Brandt’s post overwhelmingly expressed a bullish outlook, with many stating that Bitcoin’s rally is just beginning.

Leeor Shimron, head of growth at StackingDao, described Brandt’s chart as “probably one of the most bullish and cleanest charts” he has ever seen.

Another commenter noted that Bitcoin had seven months to cool off after initially peaking in March at $73,750, followed by a drop to $49,000. The commenter argued that considering Bitcoin “overbought” at this stage, after just two weeks of consistent gains, misses the bigger picture. “This is the beginning of a breakout, not the end,” he said.

Likewise, X user Ehraz Ahmed emphasized that Bitcoin tends to rally hardest when overbought on the monthly charts, suggesting that the current surge is just starting.

Meanwhile, analyst Kale Abe pointed out that Bitcoin is only up 35% from Election Day, which triggered the current bull run. He noted that a minor pullback wouldn’t be surprising.

Caution for Short-Term Traders

It’s important to note that the overall crypto market sentiment has entered the “extreme greed” phase. This comes as several altcoins are also experiencing historic rallies alongside Bitcoin. While bears await a major retracement, bulls are charged up and expect the rally to continue.

Market in extremern greed
Market in extreme greed

However, as Bitcoin continues to break into uncharted territory, it faces the risk of increased volatility due to “thin” order books and a lack of established support and resistance levels. According to Ki Young Ju, founder of CryptoQuant, this dynamic makes Bitcoin vulnerable to rapid price swings, creating what he calls an “easy up, easy down” phase.

Pro-Crypto President-Elect Donald Trump Appoints Elon Musk as Head of DOGE

Elendu Benedict
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Pro-Crypto President-Elect Donald Trump Appoints Elon Musk as Head of DOGE

US President-elect Donald Trump appoints Tesla founder Elon Musk and entrepreneur Vivek Ramaswamy to head the Department of Government Efficiency (D.O.G.E).

In a statement released on Tuesday, the Trump-Vance administration has handed Musk his long-coveted position, pairing him with Republican politician Ramaswamy. The newly formed department would help the government squash unnecessary regulations and cut costs.

Trump described the role as the Manhattan Project of our time, noting it would dismantle federal bureaucracy. He also stated that the office would provide guidance outside the government and add entrepreneurial dynamics to the White House, which was never seen before.

DOGE
DOGE

Notably, the new department is named after Musk’s favorite meme coin, Dogecoin. The largest meme coin by market cap gained the attention of the multi-billionaire following its 2013 debut and has been on an exponential upswing following Trump’s election win.

Musk and Ramaswamy React

The Tesla CEO took to X (formerly Twitter) to confirm the appointment, reiterating his desire to fill the role. In a tweet, he noted that the DOGE was not against democracy but against bureaucracy. 

He also noted that the department would upload its activities online for maximum transparency. Musk teased a leaderboard for the “most insanely dumb spending” of American taxpayers, noting that the public can decide what the department trashes or keeps.

Furthermore, Ramaswamy noted that the DOGE would not “go gently” on its obligations to American taxpayers. He also stated that the appointment means he has withdrawn from consideration for Senate in Ohio.

Reactions from Crypto Enthusiast

Meanwhile, reactions came in from the crypto community following Musk’s DOGE appointment. Users stated the news was bullish for Dogecoin and expect the leading meme coin to surge considerably.

For instance, a user asserted that Musk’s appointment could send DOGE to $1. Another user also argued that the D.O.G.E was a “major upgrade” for the crypto scene.

Notably, an Ethereum-based token with the D.O.G.E ticker surged over 300% following Musk’s appointment, hitting a market cap of $1.85 million. Several other tokens with the same ticker saw gains amid the latest development.

Meanwhile, Dogecoin has continued to consolidate despite the Musk news. DOGE trades at $0.3684, down 10% in the past 24 hours, but remains 70% up over the last seven days.

Analyst Says MVRV Shows Dogecoin Still Has Room for More Growth Despite Run to 3-Year Peak  

Sam Wisdom Raphael
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Dogecoin recently clinched a three-year peak amid the ongoing uptrend, but a market analyst believes the MVRV indicator confirms further upside.

Dogecoin has outperformed major assets like Bitcoin, Ethereum, and Solana in recent days. After reaching a three-year high of $0.4385 yesterday, Dogecoin experienced a modest pullback to $0.3601 today. Even so, the meme-inspired asset is still up by an impressive 73% over the past week.  

This remarkable rally is closely tied to the broader market’s uptrend, spearheaded by Bitcoin’s rise to a new peak above $89,000. Notably, this uptrend came on the back of the victory of pro-crypto candidate Donald Trump in the U.S. presidential election. 

Trump, who had the backing of Tesla Chief and Dogecoin supporter Elon Musk, has shown support for the crypto industry. Musk’s involvement has contributed to DOGE’s rally. Despite the short-term dip, analyst Ali Martinez believe Dogecoin’s rally has not yet run its course.  

MVRV Suggests Upside Potential for Dogecoin

He recently presented the Market Value to Realized Value (MVRV) ratio as the indicator pointing to this bullish outlook. Martinez highlighted that historically, Dogecoin reaches a market peak when the MVRV crosses 78%. 

However, after the latest price correction, the MVRV ratio has reset to 45.65%. This indicates there is still substantial room for the meme coin to climb further before entering overvalued territory.  

The accompanying chart shows this historical relationship, revealed that past rallies have consistently peaked when MVRV hit the critical 78% threshold. With the current reading significantly below that level, the analyst suggests that Dogecoin’s current momentum remains sustainable.  

Dogecoin MVRV Ratio Ali Martinez
Dogecoin MVRV Ratio | Ali Martinez

While the long-term outlook appears bullish, Martinez has also flagged potential short-term risks. He noted that the TD Sequential indicator has flashed sell signals on Dogecoin’s 4-hour and 12-hour charts, with a similar signal forming on the daily chart. 

This suggests a temporary price correction is likely before the cryptocurrency resumes its upward trajectory. Such corrections are natural during parabolic rallies and provide a healthy reset. The recent 5% dip to $0.3601 aligns with this expectation.

Dogecoin Long-Term Channel and Price Targets  

In a previous report, Martinez discussed Dogecoin’s long-term price trajectory, highlighting a ten-year ascending channel. He predicts that Dogecoin could target the channel’s middle or upper boundary, which corresponds to price levels of $2.40 or even $18 in the long term.  

Currently, Dogecoin has already breached the lower boundary of this channel, signaling the start of a potentially extended rally. While reaching $18 may seem ambitious, the middle boundary target of $2.40 appears more attainable given current momentum and historical behavior. 

Ripple CEO and Cardano Founder in Talks, Express Excitement About Future Alliance

Lele Jima
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0
Ripple CEO and Cardano Founder in Talks, Express Excitement About Future Alliance

Ripple CEO Brad Garlinghouse and Cardano founder Charles Hoskinson confirm they are in talks to build an alliance within the crypto space. 

The industry stalwarts confirmed the development yesterday during an exchange on X. In an X post, Hoskinson disclosed that he had a discussion with Garlinghouse, complimenting him as a great and highly collaborative CEO. Notably, he expressed excitement about the future, hinting at a potential partnership between the two ecosystems. 

Ripple CEO Reacts 

Reacting, Garlinghouse thanked Hoskinson for his ‘kind words’ and used the opportunity to advocate for collective action within the crypto sector. Specifically, Garlinghouse emphasized the need for the industry to push for a level playing field and clear rules collectively. 

State of Crypto Regulation in the US

It is worth mentioning that the crypto industry has faced regulatory challenges in the United States, where the SEC has targeted several companies, including Ripple. 

While the SEC charged Ripple in 2020 with violating the law by selling XRP as an unregistered security, the regulator labeled Cardano’s native token ADA a security in its lawsuits against Coinbase and Binance. 

Garlinghouse believes the SEC has been picking winners and losers in crypto since it first made moves to regulate the industry in 2018. He views this move as creating an unlevel playing field that could stifle U.S. innovation. 

As a result, he has been at the forefront, pushing for transparent and fair rules to drive innovation and propel the industry’s growth. Notably, Garlinghouse is now calling for a collaborative approach. This could see crypto entities like Ripple and IOG (the company behind Cardano’s research and development) partner to advocate for a level playing field. However, such partnership remains unconfirmed at press time.

The good news is that the just-concluded U.S. presidential election saw Donald Trump, who is committed to providing clear rules for crypto, emerge victorious.

During his campaign, Trump made several pro-crypto promises, including sacking the current SEC chair, making the U.S. the crypto capital of the world, and keeping anti-crypto lawmakers like Senator Elizabeth Warren away from the industry. 

Hoskinson Apologizes to XRP Holders, Proposes Partnership with Ripple 

Meanwhile, both Garlinghouse and Hoskinson had the discussion days after the Cardano founder apologized to the XRP community. 

The Cardano founder extended an olive branch to XRP holders following a multi-year dispute stemming from allegations that Ethereum’s team influenced the U.S. SEC to target Ripple.

Hoskinson has repeatedly denied this claim, raising tension between the XRP and ADA communities. However, Hoskinson apologized to XRP investors and offered to partner with Ripple on two major initiatives involving Cardano’s Midnight and Ripple USD (RLUSD). 

Top Analyst Says Dogecoin Ascending Price Channel Can Take Doge to $18

Abdulkarim Abdulwahab
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0

Top analyst Ali Martinez predicts Dogecoin could surge 4,443% to $18, citing an ascending price channel amid the ongoing DOGE frenzy.

Dogecoin (DOGE) continues to attract significant attention as the crypto market’s bull run endures with no signs of slowing down. Today alone, Dogecoin surged 53%, rising from a low of $0.2846 to as high as $0.4359. 

Notably, the meme coin king was last seen at these price levels during the previous bull run in 2021.

Meanwhile, just nine days ago, Dogecoin traded as low as $0.1428. Since then, it has grown by an extraordinary 205% in less than two weeks. On the monthly timeframe, DOGE has expanded by 330%, rising from $0.1015.

Amid this unexpected turnaround, analysts argue that DOGE still has significant upside potential compared to recent price action. One such analyst is renowned on-chain expert Ali Martinez.

Dogecoin Could Still Run 4,443%

In a post on X today, Martinez highlighted that Dogecoin is currently trading within an ascending price channel. This channel has two key boundaries: the middle and the upper boundary, which may act as resistance levels as the price moves upward.

Martinez noted that if Dogecoin’s price tests the middle boundary, it could reach around $2.40. However, if the price pushes even higher to test the upper boundary of the channel, it could theoretically reach as high as $18.

Image

Notably, from Dogecoin’s current price of $0.3962, the meme coin would need to grow by 506% to reach the lower boundary of this target. However, if the upper boundary materializes, that would represent a 4,443% increase from the current value.

Higher Targets for Dogecoin

This latest bold target from Martinez builds upon his earlier analysis, where he suggested an even more aggressive upper target for Dogecoin using Fibonacci levels of historical trends.

In the previous analysis, Martinez emphasized that Dogecoin is poised for a potential parabolic run. He pointed to historical trends and Fibonacci retracement levels and predicted a price range between $3.95 and $23.25.

Notably, past breakouts from long-term resistance have led to massive gains. For example, in 2017-2018, Dogecoin surged 8,933% after breaking its downtrend, and in 2020-2021, it skyrocketed by 15,534%, partly fueled by endorsements from Elon Musk.

Notably, Dogecoin’s peaks in these two cycles aligned with the 1.1618 and 2.272 Fibonacci levels. Accordingly, Martinez expects Dogecoin to potentially soar 13X to $3.95 or experience an 80X increase to $23.25 if it follows the Fibonacci pattern from previous cycles.

Bitcoin Drops to $86,000 as Expert Warns of 10% Dip Ahead of CPI Data

Albert Brown
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Analyst Michaël van de Poppe anticipates a 10% Bitcoin retracement before the release of CPI data, targeting a range of $75,669–$81,193.

Bitcoin’s remarkable surge this week has continued, with the cryptocurrency currently trading around $86,000. This follows a significant breakthrough last Tuesday when Bitcoin overcame resistance at $68,000 amid the U.S. election results. With Donald Trump set to assume the presidency, Bitcoin’s price began to rise rapidly.

The rally intensified during the early hours of the Asian trading session, propelling Bitcoin to an intraday high of $89,964. However, this peak sparked a bearish reaction, with sellers stepping in to prevent the cryptocurrency from maintaining levels above this milestone.

At the time of reporting, Bitcoin had gone down to $86,386.10, though it still reflects a 5.30% gain over the past 24 hours and an impressive 25.69% increase over the past week.

Warning for Further Retracement

Michaël van de Poppe, the founder of MNConsultancy, observed that the market is gaining momentum but anticipates a retracement leading up to the release of the Consumer Price Index (CPI) data on November 13. He identified a “sweet spot” for entries, suggesting a 10% correction toward the CME gap before continuation. 

Van de Poppe’s target range for this retracement lies between the 38.2% Fibonacci retracement level at $75,669.64 and the 61.8% level at $81,193.13.

He also highlighted $66,729 as an “ideal area to hold” and pointed to $64,130.63 as a potential level where liquidity could be taken out, signaling areas where market participants might seek to fill orders before prices move higher.

Overbought Conditions

Technical indicators further suggest that Bitcoin may be entering overbought territory. The crypto trades above the upper Bollinger Band, typically indicating that the asset may be overbought or due for a consolidation or correction phase. 

Bitcoin 1-day Chart
Bitcoin 1-day Chart

Furthermore, the 14-day Relative Strength Index (RSI) stands at 75.20, surpassing the standard overbought threshold of 70. This suggests that Bitcoin could face downward pressure or a correction in the short term.

Rising Retail Interest

Meanwhile, technical analyst Ali Martinez has advised investors to exercise caution amid surging retail interest in Bitcoin. He noted that while growing retail interest often signals increased capital inflow into the market, historical data shows that heightened search activity for Bitcoin often aligns with price corrections. 

This pattern suggests that Bitcoin’s price tends to decline when its search activity increases, warranting vigilance among investors.

Bitcoin Surges Past $89K with Thin Order Books, Signaling “Easy Up, Easy Down” Phase

Abdulkarim Abdulwahab
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Bitcoin Surges Past $89K with Thin Order Books, Signaling “Easy Up, Easy Down” Phase

As Bitcoin surged past $89,000 today, reaching new heights, the cryptocurrency market is witnessing warning signs of increased volatility. 

Notably, Bitcoin hit an all-time high of $89,956 today, marking the culmination of eight consecutive days of upward momentum, during which its value advanced by approximately 35%. This impressive rally has propelled Bitcoin to become the eighth most valuable asset in the world, surpassing silver.

However, market watchers are expressing concern about the short-term outlook amid the ongoing upswing, warning of the potential for significant price corrections as well as further surges.

Ki Young Ju, the founder of the analytics platform CryptoQuant, highlighted this dynamic in a post on X today.

Bitcoin Seeing Thin Order Books, Signaling “Easy Up, Easy Down” Phase

Young Ju pointed to data showing that Bitcoin’s current price discovery phase could be marked by dramatic swings. Specifically, he noted that order books are unusually thin at these record-high levels due to a lack of established support and resistance levels. This situation sets the stage for what he describes as an “easy up, easy down” scenario.

CryptoQuant’s data illustrates how Bitcoin has previously moved sharply through certain price ranges with minimal volume, particularly during the last bull cycle.

For example, during previous rallies, Bitcoin saw price jumps within the $20,000–$22,000, $24,000–$26,000, and $41,000–$43,000 ranges, where low liquidity allowed the price to escalate with little resistance.

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Source: CryptoQuant

Now, with almost no trading volume above the $72,000 mark, Bitcoin’s path to new highs could be similarly volatile. The lack of strong volume at these higher levels suggests the market remains in a price discovery phase, where the absence of clear support and resistance levels makes sudden price movements more likely.

Essentially, this means Bitcoin’s climb above $89K could experience both quick gains and rapid pullbacks as the market navigates unfamiliar territory.

Already, since reaching its peak of $89,956 today, Bitcoin’s price has declined and briefly dropped as low as $85,500 before stabilizing above $86,200 at press time. Meanwhile, market participants expect the current bull trend to push Bitcoin to $100,000 before a major correction sets in.

Robert Kiyosaki Suggests Taking Profit from Bitcoin at $100K

In a tweet today, finance expert Robert Kiyosaki remarked that, with Bitcoin above $88K, he intends to continue buying until it surpasses $100,000, after which he would stop, advising against greed. 

“Always remember… hogs get fat, pigs get slaughtered. Don’t be a pig,” he warned. This suggests that investors should take profit and be cautious once Bitcoin reaches the $100K threshold.

Analyst Warns of Dogecoin Correction After Sell Signal Flashes on Multiple Timeframes

Elendu Benedict
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Market analyst Ali Martinez has warned of an imminent Dogecoin correction as the indicator flashes a sell signal on multiple timeframes.

Dogecoin’s face-melting uptrend may be discontinued in the short term after a remarkable, bullish explosion by the largest meme coin by market cap. For context, Dogecoin has surged an impressive 123% in the past seven days, leading to a broader market uptrend.

Dogecoin’s impressive performance becomes more evident in the 30-day timeframe, as it has grown a remarkable 224%, reaching price levels last seen in over three years. Notably, this price appreciation is influenced by multiple factors, including favorable macroeconomics and its ties with Elon Musk, who was pivotal in Donald Trump’s election conquest.

Meanwhile, analyst Ali Martinez has warned that this uptrend may be shortlived, at least for now, following multiple timeframe indications. The analyst noted that Dogecoin could retrace from current price levels before its next leg up.

TD Sequential Indicator Shows Possible Retracement

In a Tuesday tweet, Martinez shared that the TD Sequential indicator has flashed a sell signal on multiple Dogecoin chart timeframes, pointing to a possible retracement. Notably, the indicator shows this sell signal on Dogecoin’s 4-hour and 12-hour timeframes while also forming on the daily chart.

With the signal, Martinez warned that Dogecoin may be choppy in the near term, relinquishing some of its gains before the next bullish phase. However, the seasoned analyst maintained a bullish future outlook for the meme coin, noting the impending correction was only temporary.

Dogecoin Technical Analysis

Notably, technical analysis backs Martinez’s assertions of a short-term price correction. In the 4-hour timeframe, Dogecoin’s relative strength indicator (RSI) stands at 67.24, showing that the leading meme coin is drawing closer to being overbought.

Furthermore, the MACD indicator shows Dogecoin could take a bearish turn, with the MACD line at 0.004583 and the signal line at 0.03645. The MACD line is headed downward, signaling a crossover may be imminent.

Dogecoin Technical Analysis
Dogecoin Technical Analysis

Broader Market Recovery?

Meanwhile, Dogecoin is not the only asset seemingly correcting. The broader market has retraced from its daily highs in the past hours, signaling that the crypto market may be heading for consolidation.

Bitcoin, for instance, has retraced 3.8% from its $89,956 high today. Ethereum and Solana have also corrected 5.3% and 6.67% from their daily highs, respectively.

Martinez also warned of the retracement, citing a spike in Bitcoin’s Google search. In the analysis, he encouraged caution, noting that retail interest in the crypto firstborn always spearheads a price drop.

In the meantime, Bitcoin trades at $86,320, while Dogecoin exchange hands at $0.358.

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