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Dogecoin is still in a steep uptrend but relative strength is concerning: analyst

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Katie Stockton, founder and managing partner of Fairlead Strategies, joins Yahoo Finance’s Jared Blikre to break down the recent trends of Dogecoin and where investors should be looking going forward.

Video Transcript

JARED BLIKRE: I'm a little bit skeptical of the Dogecoin fundamentals. But I just want to illustrate that you can really apply this to anything-- any price time series, any-- any price where you have a history, you can perform technical analysis. So guess what? It's still in an uptrend.

And that's because we have higher highs and higher lows. We're zigzagging up here. We have-- we've come back down to what was prior resistance. So we have potential support right here. You want to take a stab at this, Katie?

KATIE STOCKTON: You know, I-- it's funny. I'm glad that Yahoo Finance has the data for Dogecoin. Because it's not available on the system that I'm using. So that definitely differentiates you guys positively.

What I will say is you're correct. And that price dictates our biases. I mean, we really just need liquidity, and price, and, in some cases, volume to try to understand the security.

For this one, it's a corrective phase within a steep uptrend. And that's a pretty common set up in the cryptocurrency world. I think the relative strength loss that we've seen recently is probably notable.

It hasn't occurred to the benefit of Bitcoin. But it has occurred to the benefit of other cryptocurrencies. So perhaps that's where we want to look.