Home
News
- 1 DOGE displayed high volatility amid the lawsuit filed by the community and Musk’s Logo change.
- 2 Trading volume plumped by more than 90% in the past 24 hours.
- 3 DOGE price rose by about 9% in the intraday session.
DOGE price rallied up by about 9% intraday, and the reason behind the rally remains the biggest DOGE proponent, Elon Musk. Amid the current rumors of Musk owning an Emerald Mine, Twitter CEO placed an open bet on the platform. The bet involved him paying a million DOGE tokens as he challenged big media conglomerates to explore the Emerald Mine they claim he owns.
With each hour passing, the story is now turning serious, as Musk has put out a challenge noting that he will give 1 million DOGE tokens to anyone who can prove he owns the mine. With Dogecoin being involved in the bet, the community sent the price rising. The bulls seem determined to lift the DOGE price near $0.10 and beyond.
The Bet Raised the Bar
DOGE price saw an uptick after the tweet regarding the bet surfaced. The price found a spot beyond the $0.090 and set new levels of resistance. The price rally began after the formation of the golden cross by the EMA ribbon, giving DOGE a bullish push.
The Bollinger Bands diverging wide, displayed a highly volatile market, due to the recent happenings. The trading volume observed a similar uptick suggesting a rise in buyer interest. The uptick in OBV supported the bullish trend owing to the DOGE price movement.
DOGE price moved under the robust bull trend set by the breakout that occurred earlier this month. The Super trends suggest an uptrend for DOGE, which is projected to elevate further, taking leverage from the current rally. The CCI spiked after the fall, reflecting the price trying to widen the gap between the present and historical prices. The MACD returned to the buyer interaction, as it formed a positive cross and recorded ascending bars above the zero-histogram mark. The RSI surged to reach the ceiling ranges, reflecting positive buyer sentiments.
In the Recent Hour
In the four hour time frame, DOGE price action suggests price to witness a temporary consolidation, ending with the recent rally. The CCI reached the range of 190 and suggests a bullish swing in current DOGE price. The MACD underwent a bullish divergence and recorded ascending buyer bars, reflecting increased buyer participation.
The RSI reached the overbought zone, in order to mirror the rise in buyer interest. The heightened RSI, also hints at a possibility of price reversal as the price rally may encounter sellers soon.
Conclusion
DOGE has always been sensitive to Elon Musk’s actions, and when his tweets mention DOGE, the community goes bananas. The present rally is one such instance where the Twitter CEO waged to pay a million DOGE tokens. The rally can face a temporary resistance near $0.09610, but if breached, it can aim for a price level beyond $0.10.
Technical levels
Support levels: $0.08130 and $0.07430
Resistance levels: $0.09610 and $0.10405
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
