Dogecoin (DOGE) is up nearly 13%, per CoinMarketCap data, following Twitter’s announcement of Elon Musk as the newest member of its board of directors. This is the second time in two days that dogecoin has risen in response to Musk/Twitter-related news. Even though Monday’s rise was swiftly reversed, DOGE has been steadily climbing, reaching $0.1799 for the first time in two months. At the time of publication, DOGE traded at $0.1670, up 12.74% in the last 24 hours and 12.96% up in the past 7 days. Musk, who is now the largest individual shareholder on Twitter and a board member, could push for DOGE payments to be integrated into the social media company’s platform in some way. Tesla CEO, Elon Musk, has been a staunch supporter of dogecoin in recent months, even allowing for DOGE to be accepted for payment at Tesla’s supercharging stations and its online merchandise store.
Key Levels
Resistance Levels: $0.2150, $0.1960, $0.1800
Support Levels: $0.1550, $0.1469, $0.1325
DOGE/USD Daily ChartDOGE reached a high of $0.1799 in a bid to confront the moving average (MA 200) at $0.1840. To keep the momentum going, bulls must increase the price of DOGE beyond $0.1800 which is the initial resistance level. If this hurdle is flipped, the DOGE/USD pair may accelerate and rise to $0.1960. The relative strength index (RSI) is in the overbought zone, which suggests bulls are in control.
If the bulls are unable to push the price over the $0.1800 barrier, DOGE might return to support below $0.1600. If the price of DOGE falls below $0.1509, the optimistic forecast will be invalidated. In this circumstance, DOGE might be compelled to seek the next buyer congestion zone, which is located around $0.1300 near the MA 50.
DOGE/USD 4-Hour ChartDOGE broke over the barrier at $0.1730 to continue its upward trend. Before the bulls stepped in, the token hit resistance at $0.1799, dropping to lows of $0.1630. Despite this, bulls are focusing on breaking the $0.1800 in the near but might re-attempt to establish support at $0.1550, then $0.1500 before recovering higher.
Dogecoin, on the other hand, should avoid falling below $0.1500 unless there is a sustained sell-off. The 4-hour moving average (MA 50) at $0.1450 is the most important support in this circumstance. Further selling pressure might be resisted by the support at $0.1285, which coincides with the MA 200. The DOGE/USD pair is only positive when trading above the $0.1500 level, with strong resistance at $0.1800.
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