Dogecoin turned ten years old this month, since it was created "as a joke" in December 2013 , but manages to grab headlines. This is partly due to Mr Elon Musk, who had proclaimed himself as "Dogefather" ahead of his 2021 Saturday Night Live appearance . The CEO of Tesla Motors Inc makes frequent remarks around the meme coin, influencing its price. He he had even briefly replaced the then Twitter logo with an image of a Shiba Inu dog, earlier in the year. It is a busy period for Mr Musk, who delivered the first Cubertrucks last week, but it will be interesting to see if he finds the time to comment on the occasion.
The tenth anniversary was accompanied by a strong performance, as DOGE/USD runs its third straight profitable month and reached new 2023 highs on Wednesday. This brings 1.1124 in the spotlight, but we are cautious for moves beyond it.
Cryptocurrencies are having a very good month and Bitcoin also rallied to the highest levels of the year. This surge is fueled by increasing optimism for the launch of spot crypto ETFs and anticipation of Fed rate cuts, which weigh on the USDOLLAR. Markets believe that the central bank is done hiking and will begin cutting rates in the first quarter of 2024.
On the other hand, DOGE/USD eases from its peak today and there is scope for pullback to the EMA200 (at around 0.770). Daily close below would shift bias to the downside and expose it to 0.649), but that would need strong catalyst.
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.
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