Dogecoin price skyrocketed in the beginning of this week as its price hit a 23% gain in a single day after Elon Musk’s action.
On Monday evening, big name Elon Musk, CEO of Tesla and Twitter, changed Twitter’s blue bird logo to his most favorite Dogecoin. Following this news, DOGE, the eighth largest cryptocurrency in the world, saw a massive rally within two hours.
Prior to this favorable news flow, Dogecoin price was hovering around $0.080.
At press time, Dogecoin price trades below the conceptual level of $0.0972 at $0.10 against the USDT pair. Despite the strong positive sentiment, market sellers still attempted to defend at the 0.382 Fibonacci retracement level.
Dogecoin price indicated a bullish reversal on Monday as its price broke above a five-month depreciation channel (mentioned above the chart). Thus, investors saw a massive rally of more than 25% in the intraday session until the DOGE price registered a 120-day high at $0.1050.
The change of Twitter logo into Dogecoin’s icon influenced buyers, which can be seen in volume as its trading volume rose over 480% at $4.25 billion in the last 24 hours.
This bullish breakout could continue further as DOGE crossed the 400 day simple moving average last night.
The daily RSI indicator has now moved into the oversold zone since November 5th. Moreover, the positive MACD signals could motivate investors for an upward move in Dogecoin price above the $0.10 resistance.
Support levels – $0.77 and $0.65
Resistance levels – $0.10 and $0.15
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