Dogecoin darlings should know, that Gucci and Ice Cube couldn’t…

ambcrypto.com:

Legend has it that the cryptocurrency mania started out of the need to build a future of money that is completely digitized. With the ever-increasing number of cryptocurrencies that existed, the problem of selecting the one to act unilaterally as the future money arose.

However, by ascribing the tag ‘future currency of the internet’ to the coin, the HODLers of the popular meme-coin, the Dogecoin (DOGE) provided a solution to this problem.

The meme-coin made significant strides this week as it received major validation from a few important entities. On 4 May, Gucci announced that amongst other cryptocurrencies that it would accept DOGE as a means of payment in some stores in the United States by the end of May.

Also, on the same day popular American Rapper, Ice Cube in a tweet lent his support to the Dogecoin. Now the question is- In light of these recent developments, what did the price charts and on-chain data tell us about DOGE’s reaction?

At $0.1271 at the time of writing, the price of the DOGE in the last 24 hours recorded a 1.26% decline.  Following Gucci’s announcement and Ice Cube’s tweet, the coin took on an uptrend. However, a bearish reversal followed by 5 May, and the coin since maintained a downtrend.

Source: CoinMarketCap

A look at the movements of the RSI lent credence to this position. Attempting to breach the 50 neutral region by 4 May, the coin recorded an RSI of 49.57.

However, the bears reacted and pushed this further below the neutral region towards the oversold position, a position it since maintained. At the time of this press, the RSI for the meme coin stood at 43.

Source: TradingView

Further to this, an increased accumulation of the DOGE followed Gucci’s announcement and Ice Cube’s tweet. The coin recorded