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- Dogecoin price looks bearish on the daily time frame as price action remains below a downward sloping trend line.
- The 20 Day Exponential Moving Average is seen above the live price of DOGE on the daily chart.
- The DOGE/BTC pair is up 5.7% at 0.000002835 Satoshis.
Recently, Elon Musk offered something special for DOGE on his tweet
Tesla CEO Elon Musk announced via Twitter last Friday that the company’s space exploration arm SpaceX will begin accepting Dogecoin. Dogecoin’s value went up in the following days.
After the tweet was posted, the price of DOGE increased 10% to nearly 9 cents, partially correcting Thursday’s 6.14 percent decline. DOGE ended the day at $0.0814.
Thus again the price action of DOGE remains below the descending trend line with reference to the daily price chart. Meanwhile, the DOGE token was trading at the $0.0814 mark at the time of writing. However, last night bulls noted a sudden bullish spike which was unsustainable but still could be a bullish signal as long as the price is above the $0.0700 mark.
On the daily price chart, price action is showing low-highs below the horizontal line (white), an upward move requires bulls to move DOGE price above it. Meanwhile, the market cap remains at $10 billion according to CMC and is up 4.7% over the past 24 hours.
The DOGE/BTC pair is up 5.7% at 0.000002835 Satoshis. But the 20 day exponential moving average is seen above the live price of DOGE/USDT on the daily chart. In addition, trading volume jumped almost 80% compared to the previous night
What about technical indicators
Amidst the downtrend, the Daily RSI shows a sideways trend for Dogecoin as it seems to be flat at the 35 mark.
Conclusion
Buyers need to submit to the market for rapid halving. Thus, an upward move requires the bulls to move the DOGE price above the downsloping trendline.
Support level – $0.070 and $0.050
Resistance level – $0.10 and $0.12
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
