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Dogecoin DOGE/USD is up 4.7% over the past week, but technical analysis shows reason for concern for the apex meme coin.

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

Department

Of

Government

Efficiency — Elon Musk (@elonmusk) September 12, 2024

This department is a fictitious government department acronym for DOGE, which Musk is an avid supporter of. Dogecoin is up 1.5% over the past 24 hours.

Crypto trader SMFX reacted to Musk’s tweet, stating that when you bet on DOGE, you are not 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 shows that 70% of Dogecoin holders are currently in profit, with 62% of the coins in the wallets of large holders. Transactions greater than $100,000 increased from 158 to 179 in a single day.

Why It Matters: Benzinga’s technical analysis shows the Relative Strength Index in slightly bullish territory at 52.4 as of Sep.11.

On the Simple Moving Average (SMA) chart, the 200-day SMA price ($0.14) is above the 50-day and 100-day SMA price levels. This usually means the asset's long-term trend has been pretty weak. It can signal the end of a prior uptrend and the start of a potential downtrend.

Crypto trader Anbessa stated that he is accumulating Dogecoin again alongside other altcoins. On the other hand, finance influencer Elliottwave Forecast predicts the meme coin could see a "daily corrective pullback and can break below August 2024 low."

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

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