dogecoin (DOGE) price showed a strong rally after Tesla CEO Elon Musk reiterated his support for DOGE last week. The price is up more than 35% in a week after strong buying pressure. DOGE price jumped from $0.051 to $0.077.
Remarkably, Dogecoin has managed to capture tremendous trading volume in the last 24 hours, which helped a 12% rally in price. However, Dogecoin is now reaching a ‘turning point’ at $0.082 and this level will set the course for a bullish or bearish momentum in the coming weeks.
Dogecoin Price Reaches Milestone
Dogecoin has been trading near the $0.08 level for a long time since May. Also, the bulls broke past $0.073, where Dogecoin could continue to test the 50-EMA daily barrier at $0.082. Thus, the turning point for DOGE has now emerged.
Koinfinans.com As we mentioned, if DOGE price can successfully break above the milestone at $0.082, the bulls will endeavor to push the price to the next level of resistance at $0.1090. However, the bullish thesis may be invalidated if the price fails to find a stable result above the reversal point. This will cause prices to drop below the 9-day exponential moving average of $0.068.
Currently, Dogecoin is struggling to stay above the $0.073 level as it faces selling pressure. Therefore, investors need to watch Dogecoin and its upcoming corrections closely.
Regardless of future developments, if DOGE price rises strongly above the $0.082 milestone, it will bounce back to $0.1090. The $0.1090 level is also a horizontal resistance barrier. Thus, investors can expect the Dogecoin price to make a local top here.
The relative strength index (RSI) has risen strongly on the back of increasing buying seen this week. The RSI is at 56.37, moving above the neural region for the last 24 hours.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.