SNEAK PEEK
- DOGE surges to a 90-day high with Elon Musk’s Twitter influence driving the rally.
- Analysts speculate on the DOGE payment option on X after Musk’s bio change.
- Bullish momentum persists for DOGE, signaling investment opportunity.
On July 25th, Dogecoin (DOGE) achieved its highest price in two months, reaching $0.078 with a 5.5% climb. The surge was driven by a weekly rally that began when Elon Musk changed his Twitter name to X and included the DOGE symbol in his bio. As a result, DOGE rose over 11%, reflecting the positive market response to Musk’s support for cryptocurrency in the past.
Getting there for $DOGE, but still more to come. pic.twitter.com/F12Rwe5IHN
— Michaël van de Poppe (@CryptoMichNL) July 25, 2023
Analysts speculate that Elon Musk may finally add a DOGE payment option to X after discussing the idea on social media over a year ago. Consequently, despite bears trying to push prices down, DOGE showed strong positive momentum, surging from an intraday low of $0.07613 to a 90-day high of $0.08334 within 24 hours.
With an increase of 3.79% compared to its previous closing price, DOGE has reached $0.08026, indicating a rise in investor demand. Market capitalization also witnessed a 3.68% rise, reaching $11,259,512,932, highlighting the growing interest in DOGE as an attractive investment option. Although trading volume decreased by 23.59% to $1,367,854,626, the overall market sentiment remains positive.
On the 4-hour price chart for the DOGE, the Keltner Channel bands point north and have upper and lower values of 0.09379 and 0.07113, respectively, denoting a bullish trend. If the sell target price is close to the upper Keltner Channel, traders might consider purchasing DOGE at the current levels.
The bullish momentum is supported as green candlesticks develop on the DOGE price chart, and the price movement moves higher than the middle band. However, traders should be cautious of potential resistance levels and implement a stop loss to minimize risk if the bulls’ strength fades.
The Know Sure Thing (KST), which has a reading of 87.3057 and is advancing above its signal line, shows that the market’s bullish momentum is increasing. Investors may consider selling existing long holdings or opening new ones if the DOGE line crosses below the signal line, sometimes viewed as a sell signal.
On the 4-hour price chart of the DOGE market, the Chande Momentum Oscillator (ChandeMo) has a positive value of 45.58, with its line pointing north. This move reflects the market’s strong momentum and positive tendency, indicating buyers are in control and that prices may increase soon.
With a Money Flow Index (MFI) rating of 69.70, DOGE has strong bullish momentum, indicating that buyers are in charge of the market. Traders may consider staying in their current long positions or developing new ones until the MFI rating falls below 50.
In conclusion, DOGE’s remarkable rally, driven by Elon Musk’s influence and potential payment option on X, makes it a compelling investment opportunity amidst bullish momentum.
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 research and consult with a financial advisor before making investment decisions.