The cryptocurrency market is mostly green. The majority of Altcoins including Dogecoin is trading higher on a 24-hour basis. Dogecoin began a positive climb on May 30 after hitting support at $0.279. At the time of writing, DOGE was exchanging hands at $0.417, up 37.68% in the last 24 hours and 25.97% weekly. Now ranking 6th largest, Dogecoin market capitalization sits at $51.47 billion and $7.97 billion in traded volume over 24 hours. Coinbase, the biggest U.S. cryptocurrency exchange with almost 60 million users is listing Dogecoin to Coinbase Pro this week, with trading set to launch on Thursday “if liquidity conditions are met”. The price of Dogecoin ticked higher on Wednesday when Elon Musk posted a Dogecoin meme on Twitter which he said ”found this pic of me as a child”. The image showed a Dogecoin Shiba Inu dog at a computer with the words: “I have to keep my passion hidden from the public or I’ll be socially ostracized.”
Key Levels
Resistance levels: $0.7500 $0.7000, $0.6500
Support Levels: $0.4500, $0.4000, $0.3500
DOGE/USD Daily ChartDogecoin eventually found enough support at $0.279 to pass the resistance of the MA 50 at $0.385 on Wednesday. Steeper increases above today’s high of $0.454 could take the bulls until the $0.60 resistance. Stretching above this crucial line, DOGE price could visit the $0.76 barrier, being the all-time highs in May. The RSI is turning slightly up above the 50 levels into bullish territory.
On the other side, if the bears take the market below the MA 50 at $0.385, the $0.279 support around the ascending line could halt the bearish move. A successful drop below the diagonal line could shift the neutral outlook to bearish while testing the $0.246 and 0.19 support levels. Further bearish moves may target the MA 200 at $0.11.
DOGE/USD 4-Hour ChartDOGE has re-established its neutral-to-bullish demeanor after nudging back above the MA 50 at $0.33 while currently tackling the MA 200 barrier at $0.439. Although the technical oscillators are presently favoring the upside, they are indicating a phase where vital positive momentum is weakening out. The RSI is approaching overbought levels near 80. Should the DOGE/USD pair begin to surrender its positive bearing due to the MA 200 resistance, initial tough downside constraints could develop from the MA 50 at $0.33.
Further declines may steer the pair for the base of $0.21-0.24, fortified with the ascending trend line support. To the upside, more intense buying interest would be essential to propel the DOGE price past an immediate resistance zone from the MA 200 at $0.439 until the $0.60 resistance. Surpassing these limiting obstacles could then extend the rally towards the May 8 all-time highs of $0.76.
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