Is DOGE Repeating Its Performance from Late 2020?

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Hold on to your doge bags because recent price developments are strikingly similar to those seen in late 2020 when the meme token bounced from a bear market to rally over 1000% in early 2021. 1 key principle of the dow theory is that asset price trends are self repeating. Hence, traders often check if the ongoing price action resembles anything from the past so that we can understand what lies ahead Dogecoin. The world's largest meme Cryptocurrency has recently risen above the widely tracked 5100 and 200 week. Simple moving averages of its price ending a prolonged 20 month consolidation at bear market depths. The 50 week simple moving average has moved above the 100 week one signaling a bullish shift. Still past data is no guarantee of future results, especially with nonserious cryptocurrencies like Doge and other meme coins as of 9:30 a.m. Eastern time, Doge was at 17 cents relatively flat on the day. That's it for today's chart of the day. I'm Jen Sani. We will see you next time to unpack more of the data behind top news stories.