Market analyst Jordi Visser said on July 22 that the next big crypto rally depends on one thing retail investors coming back, and he is watching Dogecoin to judge when that happens.
Visser tracks the market through his Crypto Financial Rails 40 Equal Weight Index, a basket of 40 crypto-related companies, protocols, and assets. By his own chart, that index started 2026 at 100, dropped hard through January and February, then clawed back through spring. It has since closed above its mid-June highs. Bitcoin is just below that same level. DOGE, meanwhile, is sitting near 57-58 on the same scale, well behind both.
65 closes below the 20-day moving average
That gap is the story. Visser wrote that DOGE just posted a record 65th consecutive close below its 20-day moving average. The 20-day MA simply tracks the average closing price over the past 20 sessions; when an asset keeps trading below it, momentum is absent. Sixty-five straight sessions is a historically long stretch of that weakness for Dogecoin.
His point is not that DOGE steers Bitcoin. It is that retail speculation, the kind that floods into meme coins and pushes them sharply higher, has not shown up yet. That energy, in Visser's view, is what powers the final leg of major bull cycles. The broad index outperforming while DOGE lags is a clean signal: institutional and ecosystem money is moving, but the crowd is still on the sidelines.
Until DOGE starts closing above that 20-day line with some consistency, Visser is not calling a "true ecosystem breakout."
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
