Lorenzo Stroe
Independent Analyst
- Elon Musk has changed his Twitter bio in support of Dogecoin.
- Musk also tweeted a picture of Dogecoinon the moon, which made the digital asset jump by 20%.
- Dogecoin price has outperformed the market, recovering completely after the sell-off.
As the entire cryptocurrency market suffered a massive sell-off, Dogecoin price also plummeted from a high of $0.06 to a low of $0.041. However, thanks to another endorsement from the CEO of Tesla and SpaceX, Elon Musk, the digital asset managed to recover almost instantly.
Dogecoin price faces one critical resistance level before $0.09
On the 12-hour chart, Dogecoin price had a V-shaped recovery from a low of $0.041 and is now facing one last critical resistance level at $0.06. A breakout above this point could quickly push Dogecoin price towards $0.09.
DOGE/USD 12-hour chart
The In/Out of the Money Around Price (IOMAP) chart shows only one key resistance area between $0.058 and $0.0599 which coincides with the barrier specified above giving a lot of credence to the bullish outlook.
DOGE IOMAP chart
The most recent tweet of Elon Musk and his change of bio had a positive effect on Dogecoin but not as much as the previous ones, which indicates that perhaps Musk's power over the digital asset is fading away.
DOGE/USD 12-hour chart
Failure to hold the 50-SMA support level at $0.0557 would be a bearish indicator with the potential to drive Dogecoin price down to the 100-SMA all the way down at $0.034.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains
Bitcoin steadies above $60,000 on Friday, gains over 1% on the day. Ethereum trades above $2,400, while BlackRock Spot Ethereum ETF sees a $17.8 million inflow on Thursday. XRP is back above $0.5300 as Ripple files cross-appeal in SEC lawsuit.
Cardano celebrates milestone: Hosts Argentina’s first legally enforceable smart contract
Cardano ambassador Mauro Andreoli recently announced Cardano’s milestone of Argentina’s first legally and judicially enforceable contract. The first loan agreement in Cardano under Argentine law involves a loan of 10,000 ADA tokens, currently valued at $3,380.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC finds support around $60,000
Bitcoin is finding support around the key level, and a close below this level could signal a decline. Ethereum is approaching a critical resistance barrier; rejection from this level suggests a decline ahead. Meanwhile, Ripple is stuck in a range, reflecting a period of indecision among traders.
SEC sues Cumberland DRW for acting as an unregistered securities broker, Solana ETFs at risk
SEC sued crypto trading company Cumberland DRW for allegedly acting as an unregistered broker. Solana was among five cryptocurrencies the SEC alleged to be securities sold via the platform.
Bitcoin Weekly Forecast: Will BTC decline further?
Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.