The crypto market has spent this week with limited gains. However, a altcoinrose to prominence among major cryptocurrencies due to important news.
Dog themed meme token Dogecoin (DOGE)According to CoinMarketCap data, it was the most profitable coin of the week among the top 50 cryptocurrencies. According to the data, Dogecoin has given its investor a 43% return in the last 7 days.
In this article, DOGE We will touch on the latest situation in the chart and the main reasons for the rise.
DOGE Technical Analysis
Dogecoin made a sharp upward move towards 0.09 after breaking the 0.065 resistance as we mentioned in the article we published during the week.
Reaching its target of 0.09 the other day, Dogecoin could not exceed this level during the day. The critical level was retested in the morning today, but the breakout did not occur.
- If the 0.09 level is broken, DOGE traders can follow the 0.11 level.
- On the downside, there are 0.076 intermediate support and 0.065 main support levels.
Although Dogecoin is stuck at horizontal resistance, it has surpassed a critical indicator resistance that it has not been able to break since the beginning of the year. DOGE has been trading below the 200-day EMA since the beginning of the year. The moving average, which could not be exceeded in January, March and April, was broken upwards with the latest rise.
While there is so much positive technical analysis data, investors should also pay attention to the RSI data. Relative Strength Index is at its highest level in the last 1 year. The number 84 means the product is overbought.
Why Is Dogecoin Rising?
Tesla and SpaceX Famous billionaire Elon Musk, the owner of his companies, added Twitter to the companies he owns on Thursday. Elon bought the giant social media platform for an astonishing $44 billion.
The famous billionaire is one of the biggest fans of Dogecoin. The expectation of the market is that Elon will offer a service provided with Dogecoin to Twitter users, as in other companies.
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