• Dogecoin (DOGE) has been rising in the last few days, up around 6.4% in the last seven days and over 15% higher versus the lows it hit just before the turn of the year around $0.066.
• Shiba Inu, another meme coin, is also up around 10% in the last seven days.
• However, Tamadoge (TAMA) has not been benefiting from Dogecoin’s rally and continues to move to the downside according to a technical downtrend that has been in play since mid-October.
The cryptocurrency markets have been seeing a broad rally in the last few days, with traders bidding up crypto prices in the hope that a weakening US economic outlook in the wake of last week’s soft US ISM surveys prevents the Fed from being too aggressive with rate hikes this year. One of the biggest beneficiaries of the rally has been Dogecoin (DOGE), the native token of the dog meme-inspired Dogecoin blockchain.
DOGE has been changing hands around 1.7% higher in the last 24 hours and around 6.4% higher in the last seven days, according to CoinMarketCap. At current levels around $0.076, DOGE is over 15% higher versus the lows it hit just before the turn of the year around $0.066 and is back to the north of its 200-Day Moving Average. Some traders think that a break back above $0.08 and a push above the 100 and 50DMAs in the low-$0.08s per token is on the cards, which could open the door to a test of early December highs above $0.11.
The broader meme coin sector of cryptocurrency markets has also been benefiting from Dogecoin’s rally, with Shiba Inu also up around 10% in the last seven days. However, one coin that has not been feeling the same benefit is Tamadoge (TAMA). This up-and-coming dog meme-inspired token is set to provide much more utility to its owners than the likes of Dogecoin or Shiba Inu, but has been unable to rally with the rest of the meme coin sector.
TAMA has been moving to the downside since mid-October, and the 21DMA has recently provided resistance. The lack of a positive response to Dogecoin’s rally has confused some investors. A higher valuation for cryptocurrencies such as Dogecoin and Shiba Inu suggests that cryptocurrency investors are increasingly looking towards memes coins as long-term investments. As such, Tamadoge should be getting more attention from investors due to its higher utility, but it seems that investors are still unsure about the project.
It remains to be seen whether Tamadoge will be able to break out of its current technical downtrend and join the broader meme coin rally. For now, investors will have to wait and see if the project can generate enough interest to get off the ground and benefit from the positive sentiment in the markets.