The cryptocurrency market is off to a green start in the week. Dogecoin (DOGE) is on the spot of attention, making a 20% bounce to highs of $0.30 on Nov. 8. At the time of writing, Dogecoin was exchanging hands at $0.283, up 3.55% in the last 7 days. Tesla CEO, Elon Musk changes his Twitter name to ‘Lorde Edge’ after proposing selling 10% of his Tesla stock in a recent poll. Reacting to the name change, Dogecoin proponents indicate that “Lorde Edge” could be an anagram for “Elder Doge”. The SpaceX CEO who touted himself as the ”DogeFather” has shown support for the dog-themed token in afore times. Recently, The CEO disclosed that he was thinking of starting a brand new university ”The Texas Institute of Technology & Science” which will accept tuition in Dogecoin. In addition, Musk told his Twitter followers that not only would the university accept Dogecoin for tuition, students who owned a dog would also get a discount on their tuition. What’s next for Dogecoin’s price after a month-long consolidation bout?
Key Levels
Resistance levels: $0.4000, $0.3500, $0.3000
Support Levels: $0.1950, $0.1593, $0.1357
DOGE/USD Daily ChartDogecoin has been consolidating shortly after topping at $0.76 on May 8. Experts believe we are in a meme cycle at the moment, postulating upside potential for tokens in this category. That said, speculations are increasing that the bears are losing the fight for Dogecoin and the bulls could soon take charge. The positive slope in the RSI above the 50 neutral levels may suggest that upside risks may prevail.
Still, the $0.36 level appeared quite restrictive since August and unless it gives way, Dogecoin could risk another negative extension towards the MA 50 at $0.24 ahead of the floor of the range at $0.21. Nevertheless, if the bulls win the battle above the MA 200 at $0.284 beyond the $0.36 restrictive level, the DOGE price could accelerate towards the $0.46-$0.60 levels before charging towards the $0.76 all-time high.
DOGE/USD 4-Hour ChartDogecoin turned into sideways consolidation shortly after reaching $0.3403.While it’s recovering today, the weak upside momentum doesn’t warrant a breakout yet. Instead, the consolidation will likely extend further for a while. Nevertheless, we’d expect the downside to being contained by $0.26 (MA 50). In the case of a deeper pullback, the MA 200 at $0.254 may come into the spotlight.
Alternatively, a break of $0.30 beyond the $0.35 level will resume a larger uptrend to $0.45 and $0.60 levels. In brief, the lengthy range trading seen for Dogecoin price seems to raise the odds for an upturn. However, a decisive close above the $0.30 level past the $0.36 hurdle is required for a new bullish wave to start.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
