Dogecoin price blasts to new highs as valuation surpasses Twitter and Ford

Published May 5, 2021 | Updated May 5, 2021

dogecoin

Dogecoin price blasts to new highs as valuation surpasses Twitter and Ford

Dogecoin’s ongoing rally seems unstoppable after striking new record highs. The meme coin trades above $0.6 at the time of writing. It is up 42% in 24 hours and 119% in the last seven days.

The valuation of Dogecoin currently sits at $77 billion. It has outmaneuvered Ripple to become the world’s fourth-largest cryptocurrency. Dogecoin is now more valuable than companies like Twitter and Ford.

At the time of writing, Dogecoin is exchanging hands at $0.64 after overcoming the resistance at $0.6. Securing support above $0.6 would see the market stabilizing and allowing the bulls to sustain the massive gains.

Short-term technical indicators insinuate that Dogecoin is comfortably in the hands of the bulls. For instance, the Moving Average Convergence Divergence (MACD) is unwavering with the movement above the mean line (0.00). Besides, the MACD line’s wide gap above the signal line indicates that the DOGE’s path with the slightest hurdles is north.

The uptrend has also been validated by the Relative Strength Index (RSI), as illustrated on the four-hour chart. Navigating the confluence resistance at $0.6 allowed the trend strength indicator to continue with its upward motion, encouraging more investors to enter the market.

DOGE/USD four-hour chart

DOGE/USD price chart
DOGE/USD price chart by Tradingview

Meanwhile, bulls have their focus on $1 and Dogecoin may explode to higher levels as speculation builds. The fear of missing out (FOMO) seems to be the reason why the Dogecoin rally is unstoppable. As mentioned, establishing higher support will secure the uptrend.

Dogecoin intraday levels

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Spot rate: $0.64

Trend: Bullish

Volatility: Growing

Support: $0.6, $0.5 and $0.4

Resistance: $0.7 and $1

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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John Isige 1053 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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