The DOGE price pumps 8% today, responding to the Billionaire Elon Musk’s proposal for twitter to accept Dogecoin for Twitter Blue subscription. This celebrity-driven rally may encourage buyers to rechallenge the overhead resistance of $0.17 for a bullish breakout.
Key technical points:
- The 100-day SMA flipped to a valid support
- The DOGE chart presented four consecutive green candles on the weekly chart.
- The 24-hour trading volume in the Dogecoin coin is $1.58 billion, indicating a 117.7% gain.
Source-Tradingview
The DOGE buyers witnessed a V-shaped recovery as the price rebounded from the $0.01 phycological support. The sustained bullish momentum surged the altcoin by 56% and tagged the $0.17 monthly resistance.
On April 6th, the crypto market experienced a sudden sell-off which reverted the DOGE price with a long bearish engulfing candle. However, the 100-SMA slope acted as immediate support for the price and prevented the coin holders from any excessive loss.
The coin price managed to sustain above the EMA support, and with an additional push from Elon musk, the DOGE price bounced back, displaying an 8% intraday gain.
The memecoin may soon challenge the above ceiling of $0.17 with an intention to give a strong breakout and candle-closing above it. If the buyers succeed, the trades can expect a 15% spike to the $0.2 psychological mark.
Technical indicator
The recent price jump breached and converted the 50-and-100-day SMA into viable support levels. However, the 200-day SMA aligned with the $0.18 level may interrupt the bullish rally.
The Relative Strength Index(60) starts to recover as it escapes a breakdown below the neutral line. Moreover, the RSI slope may soon regain the 14-SMA line, providing an additional confirmation for long buyers.
- Resistance levels- $0.17 and $0.2
- Support levels- $0.135 and $0.11
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