SNEAK PEEK
- Elon’s recent tweet and logo change on Twitter has caused a surge in the Dogecoin trading price.
- Dogecoin has reached the $0.1 mark, and its trading price has increased by 24.75% in the last 24 hours, with a surge of 33.76% in the last seven days.
- The trading volume of Dogecoin has also increased by around 483.76% in the last 24 hours, indicating a growing interest in the coin.
The controversial cryptocurrency Dogecoin has seen a surge in trading price, thanks to the backing of Twitter CEO Elon Musk. The meme-inspired cryptocurrency has been around since 2013 but gained significant popularity this year. While Dogecoin started as a joke cryptocurrency, it has gained a cult following in recent years, and its price has been known to fluctuate rapidly.
Musk has been an outspoken supporter of Dogecoin, regularly tweeting about it and even changing the Twitter logo to the Dogecoin logo. This public endorsement from Musk has led to a significant increase in Dogecoin’s trading price. As of the time of writing, Dogecoin’s trading price is hovering around $0.09718, just below the $0.1 mark, representing a 24.75% increase over the past 24 hours.
This recent surge in Dogecoin’s price comes after Musk posted a tweet about changing the blue bird Twitter logo to Dogecoin. The trading volume of Dogecoin has also increased significantly, with a 483.76% increase in the past hour. DOGE’s market cap currently stands at 13.8 billion, surpassing ADA to become the 7th largest cryptocurrency in terms of market capitalization.
However, the 5th largest holder of Dogecoin has transferred 650 million Dogecoins, equivalent to $61.3 million, out of their wallet following a surge in the price of Dogecoin. This transaction raised concern in the Dogecoin market as the price lost its upward trend and started heading toward the $0.9000 level from the $0.1 mark. The identity of the holder who made the transfer remains unknown, but the move highlighted the volatility and unpredictability in the DOGE market.
Dogecoin Price Analysis
The latest Dogecoin price analysis shows a strong uptrending trade pattern. Dogecoin is currently trading within a symmetrical triangle pattern and has been doing so for the past 24 hours. This indicates that buyers are pushing prices up which coincides with Elon Musk’s endorsement of Dogecoin.
DOGE/USD bulls pushed the price above the $0.1 mark before the battle between the bears and bulls took over. The bears, however, took control and pushed the price below the $0.1 level, which is acting as a resistance for DOGE currently. The support for DOGE is seen at $0.0766, and a break below this level could see a price correction in DOGE’s markets.
The daily technical analysis for the Dogecoin coin price confirms decent support at $0.0766 and resistance at $0.1, which is an indication of a bullish trend in the market. In the past few hours, DOGE/USD has been trading in a range of $0.0900 – $0.1. Any movements in the price beyond these levels could cause significant volatility in the market.
On the technical indicators, the moving averages are also signaling increasing buying pressure, which could lead DOGE to surge further if the buying pressure continues. The Relative Strength Index (RSI) has risen to the overbought level with its current level of 71.89. This indicates that the buyers are in control at the moment and that further price rises are likely in the near future.
![DOGE/USD 1-day chart, Source; TradingView](https://investorbites.com/wp-content/uploads/2023/04/pasted-image-0-1.png)
The Moving Average Convergence Divergence (MACD) is also signaling a bullish pattern as the MACD line has crossed above the signal line. The MACD histogram has been overwhelmed with green bars, which is a positive sign for DOGE bulls. Additionally, the Bollinger Bands are widening, which is also a sign of increasing buying pressure in the market.
Overall, the analysis signals that the Dogecoin price has seen an immense uptrend in the last 24 hours, and it could continue to surge if buyers keep up this buying pressure. The current technical indicators also signal a strong bullish pattern.
However, it is important to note that the price of Dogecoin is highly volatile and could change rapidly due to external factors such as overall market sentiment or news related to Elon Musk’s further endorsement of the cryptocurrency.
Disclaimer: Cryptocurrency price is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.