Dogecoin, also known as DOGE, follows the general uptrend of the crypto market, and manages to break through the closest resistance.
At the time of this writing, the price of this cryptocurrency is $ 0.070, and it accumulates a slight loss of 1.02% in the last 24 hours, but it continues to maintain a gain of 22.75% in the last 7 days.
It seems that this time DOGE’s jump was also caused by the controversial Elon Musk, even though he did not even name it.
On April 10th the CEO of Tesla tweeted:… I will go to the moon very soon. Cryptocurrency meme enthusiasts seem to have taken this simple message as one of those tongue-in-cheek promotions he often does to blow up the price.
The rebound in the price of DOGE is also the product of the general positivism that is breathed in the market, and a technical scenario that told us how likely this was to happen, as we will see below.
Dogecoin breaks off resistance at $ 0.065
Yesterday’s upward jump managed to resume the short-term trend. This thanks to the break of the immediate resistance located at $ 0.065 and which hampered the price for a long period of time.
Just yesterday the next resistance, located at $ 0.078, again hampered the bulls’ intentions, generating a small correction during the day today.
Despite this, the continuous succession of higher and higher lows tells us that we should continue to watch the trend taking the price higher.
Weekly chart shows a good outlook
When we go to the time frame with weekly candles we realize that yesterday’s rise is the consequence of a totally bullish technical outlook.
After a big rally in late January, Dogecoin initiated a major correction, thus visiting the 61.8% Fibonacci.
Later the price would leave a small higher low, letting us know that the bears were already sold out, and could usher in the continuation of the trend.
Right now DOGE is just taking off, so we should see a bigger rise next. The targets: $ 0.1252 and $ 0.1603.
For the odds to side with the bears we must first see a break of the support at $ 0.04.
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