Dogecoin DOGE/USD was trading 3% lower on Thursday in sympathy with Bitcoin BTC/USD and Ethereum ETH/USD, which were retracing about 4% each, respectively.
Ukraine’s government opened a Dogecoin wallet for donations on Wednesday after beginning to collect donations through Bitcoin, Ethereum and Tether USDT on Feb. 27. As of about 5 p.m. on Wednesday, the government in Ukraine and the Non-Governmental Organization (NGO) “Ukraine-2050,” had raised $54.7 million in crypto donations, according to Elliptic.
Dogecoin co-creator Billy Markus, who regularly rallies the crypto enthusiasts to live up to Dogecoin’s motto of “do only good everyday,” while repeatedly scolding trolls on Twitter, expressed surprise that the Vice President of Ukraine said the country would accept the meme-coin.
As of midafternoon, over 621,062 DOGE had been donated to Ukraine’s official Dogecoin wallet from a total of 1,456 individual transactions. With Dogecoin hovering near the 13-cent mark for the last two trading days, the donation totals about $80,738 USD.
The donation is unlikely to add downwards pressure on the crypto because although Ukraine will presumably need to sell its Dogecoin donations to fund its military and citizens as the war rages on, the crypto’s 10-day average volume comes in at over 240 million.
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The Dogecoin Chart: Dogecoin reversed into an uptrend on Feb. 24, when news hit that Russia had begun its invasion of Ukraine. The crypto has since made a series of higher highs and higher lows to confirm the trend change.
- On Thursday, Dogecoin’s retracement on lower-than-average volume could be a sign the crypto is setting up its next higher low. As of midafternoon, Dogecoin’s volume was measuring in at about 100 million.
- Dogecoin could also be setting up the right shoulder of a bullish inverted head-and shoulder pattern on the daily chart, with the left shoulder created between Feb. 8 and Feb. 16, the head formed between Feb. 17 and March 1, and the right shoulder beginning to form since that date.
- If the crypto eventually breaks up through the descending neckline of the pattern on higher-than-average volume on lower timeframes, the measured move is about 37%, which indicates Dogecoin could soar up toward about the 20-cent level.
- Dogecoin has resistance above at $0.135 and $0.146 and support below at 12 cents and the psychologically important 10-cent mark.
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