Influential Wall Street investor Jordi Visser viewed Dogecoin (CRYPTO: DOGE) as a key indicator of retail interest in cryptocurrency on Friday, encouraging traders to keep a close eye on it.
Is DOGE About To Breakout?
During an interview with entrepreneur and investor Anthony Pompliano, Visser said that DOGE doesn’t really hold any significance from an institutional point of view, and has nothing associated with what he does.
“The reason I started looking at it is technically it looks close to a breakout,” he said. “Dogecoin to me, if it can break out and actually run, that would mean that retail is starting to get interested.”
Comparison With Semiconductor Rally
Visser also drew a parallel between the current state of cryptocurrencies and the semiconductor industry, specifically Micron Technology Inc. (NASDAQ:MU), which traded quietly for most of last year before skyrocketing eightfold.
“I believe we are at a very important point in crypto, where a year from now, the same problem that these institutional investors are having with semiconductors, which is how do we buy something that’s gone up eight times from where it was,” the veteran macro strategist added. “Crypto is going to move away fast at some point, too.”
How Is DOGE Shaping Up?
DOGE, the world’s biggest memecoin, has traded sideways since early February and repeatedly hit resistance near $0.11.
Interestingly, influential cryptocurrency analyst and trader Ali Martinez took profits on DOGE earlier this month after the memecoin reached their target of $0.1172 at the top of a price channel.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, typically the 12-period and the 26-period, flashed a “Sell” signal for DOGE, according to TradingView. The Bull Bear Power Indicator, meanwhile, flashed a “Buy.”
Visser’s comments preceded a sharp evening sell-off in cryptocurrencies on Sunday, as geopolitical tensions escalated following President Donald Trump’s warning to Iran that “the clock is ticking” for them.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1064, down 2.73% in the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Akif CUBUK on Shutterstock.com
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