The DOGE price pumps 8% today, responding to the Billionaire Elon Musk’s proposal for twitter to accept Dogecoin for Twitter Blue subscription. This celebrity-driven rally may encourage buyers to rechallenge the overhead resistance of $0.17 for a bullish breakout.
advertisement
Key technical points:
- The 100-day SMA flipped to a valid support
- The DOGE chart presented four consecutive green candles on the weekly chart.
- The 24-hour trading volume in the Dogecoin coin is $1.58 billion, indicating a 117.7% gain.
Source-Tradingview
The DOGE buyers witnessed a V-shaped recovery as the price rebounded from the $0.01 phycological support. The sustained bullish momentum surged the altcoin by 56% and tagged the $0.17 monthly resistance.
On April 6th, the crypto market experienced a sudden sell-off which reverted the DOGE price with a long bearish engulfing candle. However, the 100-SMA slope acted as immediate support for the price and prevented the coin holders from any excessive loss.
Trending Stories
The coin price managed to sustain above the EMA support, and with an additional push from Elon musk, the DOGE price bounced back, displaying an 8% intraday gain.
The memecoin may soon challenge the above ceiling of $0.17 with an intention to give a strong breakout and candle-closing above it. If the buyers succeed, the trades can expect a 15% spike to the $0.2 psychological mark.
Technical indicator
The recent price jump breached and converted the 50-and-100-day SMA into viable support levels. However, the 200-day SMA aligned with the $0.18 level may interrupt the bullish rally.
advertisement
The Relative Strength Index(60) starts to recover as it escapes a breakdown below the neutral line. Moreover, the RSI slope may soon regain the 14-SMA line, providing an additional confirmation for long buyers.
- Resistance levels- $0.17 and $0.2
- Support levels- $0.135 and $0.11
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
