Dogecoin Price Jumps 10% Despite Negative Market Sentiment, But Why?

While the overall crypto market seems negative for the day, the Dogecoin price appreciated around 10%. It seems Elon musk’s opening comment of “DOGE to the moon” during a Twitter space may have influenced this sudden price hike. Nonetheless, the memecoin price still struggles at $0.093 resistance, keeping the trend control under bears’ hand.

Key points:

• The Dogecoin price attempts to break the $0.0934 resistance.
• A daily candlestick above the $0.0934 barrier may prolong a relief rally.
• The 24-hour trading volume in the Dogecoin coin is $1.79 Billion, indicating a 16% gain.

Source-Tradingview

Elon musk’s acquiring Twitter triggered a massive rally for Dogecoin at the October end. Moreover, the increasing whale accumulation supported the bullish growth and pushed the coin’s market value to a six-month high of $0.0159.

However, the recent bloodbath in the crypto market has nearly evaporated the entire gains earned during the aforementioned rally. As a result, the Dogecoin price tumbled 50% and reached the local support of $0.7425.

Furthermore, the prices turned sideways after hitting the $0.07425 mark and created a small range concerning this aforementioned support and $0.0933 resistance. Moreover, the price rejection from either side of the daily candles reflects uncertainty among the market participants.

Anyhow, if the dogecoin keeps getting boast from more of Elon musk’s actions, a bullish breakout above the $0.0933 resistance would encourage significant price recovery. Thus, development could surge the prices 20% higher to tag the $0.11 mark.

On a contrary note, a breakdown below $0.074 would extend the ongoing downfall to the $0.568 mark.

Technical indicator

RSI indicator: The daily-RSI slope dropped below the neutral line indicating a negative shift in market sentiment. Thus this breakdown encourages the bearish thesis to reach $0.568

EMAs: the dogecoin price wobbling between the 20-and-100-day EMA accentuates the above mentioned range. A breakout from either EMA will give additional confirmation for the respective rally.

Dogecoin Price Intraday Levels

• Spot rate: $0.091
• Trend: Bullish
• Volatility: High
• Resistance levels- $0.094 and $0.11
• Support levels- $0.074 and $0.056