Dogecoin (DOGE) stepped into the spotlight after billionaire entrepreneur Elon Musk began campaigning for the coin. He also tweeted that he had bought DOGE at HODL for his toddler.
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Given the huge following he has on Twitter, there has been a price spike. The price quadrupled in early February. It went on to hit ATH from $ 0.08495.
In the recent tweet, Elon drew attention back to Dogecoin by announcing that he would be taken to the moon.
SpaceX will put a literal Dogecoin on the literal moon
– Elon Musk (@elonmusk) April 1, 2021
Technical price analysis for Dogecoin (DOGE)
Dogecoin has been consolidating since diverting attention from the crowds. DOGE hit its ATH of $ 0.08495 on Feb.9, and later fell to $ 0.05 and $ 0.04, respectively. After the consolidation phase that followed, Elon’s tweet raised the DOGE rocket to $ 0.06307, an increase of 18.53%.
Dogecoin’s current market cap is $ 8,238,349,367. This makes Dogecoin the No. 17 crypto on CoinMarketCap. Transaction volume soared a whopping 340.50% and exceeded $ 3.42 billion in just 24 hours. The total circulating offer of DOGE is now 129,003,759,079 DOGE.
Technical Price Analysis for Dogecoin (DOGE) – 30 Minute Candle Chart
The immediate support for the coin is $ 0.0609, $ 0.058. It can also hold strong at $ 0.054. Multiple levels of resistance will hold prices back with $ 0.067 with $ 0.07 being the main ones. There has to be a substantial buy in prices to keep going up and breaking ATH.
The RSI hit 90 following Elon’s tweet but quickly returned to 66 after a profit posting session. It remains to be seen how the trend will react to DOGE developments.
The MACD is heavily bullish, indicating strong buying sentiment with enough overhead for an uptrend. The price exceeded and broke the upper Bollinger Band but was unable to hold the level due to selling pressure.
As mentioned earlier, the token tends to lose its upward trend when there isn’t enough news to keep prices up. A coin created as a parody has become one of the top 20 cryptos.
Support: $ 0.0609, $ 0.058, $ 0.054
Resistance: $ 0.067, $ 0.07
RSI: 66
MACD: Bullish
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