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- The trading volume increased by more than 170% to become $2.189 billion.
- The price also rose after the claim that Musk will upgrade DOGE with Vitalik Buterin.
The dog memed-coin DOGE is highly moving after the glimmers of the new Twitter 2.0 surfaced on social media. The coin has deep rooted attachments with the Twitter owner Elon Musk, and shows movement on every action of his. It started the uptrend when the rumors came out about Musk planning to create an alternate phone. The coin reaches closer to the 10 cents range due to these news releases.
The picturesque
The price clearly formed an uprising ladder with steadily rising volumes. It rises, taking rest and moving forward as the effect of the news is seen from both the forces of the market, the sellers as well as the buyer, in equal ratios. The price level rises, leaving all the EMAs behind and taking a spot higher than their current positions.
The price rally sends the CMF indicator upward, moving closer to zero. It may move higher to the range closer to 10-mark, matching its movement with the formed pattern. The RSI indicator moves to 50-60 as buyers enter the market. It may escalate to the higher ranges and even cross boundaries to reflect an overwhelmed buying spree. The MACD indicator converges with the signal line above the MACD line and a pinch of purchases. This may transform into a bullish form as the price continues to escalate.
The closer window
The price takes a dip to rise further in the 4-hour timeframe. The MACD indicator starts to perform bullish momentum above the zero histogram mark and shows an uptrend. The CMF indicator reaches higher ranges to mark the uptrend and the recent dip in the price levels. The RSI indicator moved to the oversold zone and returned as the price dropped slightly before the resurge. The upsurge may form unceasingly as the news has caused greater impacts on the coin.
Conclusion
The price of DOGE has always reflected the strong affection for Elon Musk and has reacted respectively. The slightest news comes out, and DOGE goes wild. This may be a good time for investors as the prices are predicted to rise further as the new version’s launch date comes closer.
Technical levels
Support levels: $0.0575 and $0.0491
Resistance levels: $0.124 and $0.151
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
