Dogecoin (DOGE) printed three green candles on its hourly chart after Elon Musk tweeted about his son “Little X” loving Dogecoin. The billionaire and Tesla CEO had posted “X loves Doges” after he shared a picture of himself and the cute little X. He also posted a video showing X playing with several Shiba Inu dogs. The price increment was little felt as Dogecoin had earlier posted losses in the day. At the time of publication, Dogecoin was marginally up on an hourly basis but it remains down 3.82% in the last 24 hours. DOGE was trading at $0.068 at the time of publication. In the past week, crypto analyst, Ali Martinez reported that new Dogecoin addresses created daily have surged by 265%, increasing from 14,470 to 38,430 new addresses per day. “The increasing network growth is a positive sign, which could soon be reflected in DOGE price,” the analyst wrote.
Key Levels
Resistance Levels: $0.100 $0.091, $0.080
Support Levels: $0.065, $0.057, $0.049
DOGE/USD Daily Chart After its bullish attempts to close above the $0.075 level and run towards the daily moving average (MA 200) at $0.011 failed, DOGE is now moving in a consolidation once more. The relative strength index (RSI) has changed direction as well, failing to establish a higher high in the bearish zone. In the upcoming sessions, it will also be important to pay special attention to the shrinking gap between the price and daily MA 50.
The $0.049 low from Jun 18 is no longer in the spotlight. The near-term market structure would be downgraded by a clear closing below it the moving average (MA 50), focusing attention next on the June low at the $0.049 level. Additionally, this is where the June rebound channel is situated. Unless the MA 50 at $0.065 blocks the downside, the pair might fall.
DOGE/USD 4-Hour ChartThe price of DOGE has been modestly consolidating along the $0.075. Currently, the price is staying above both the 4-hour MA 50 and MA 200. The RSI is approaching its mid-levels, though, which may point to a potential relief bounce in the coming sessions. The next objective might be the $0.070 and $0.075 levels if an effort is made above the MA 50 and the MA 200.
A breakthrough above these barriers might allow access to the $0.080 and $0.090 strong levels. On the other hand, before the bears push the dog theme token lower towards the $0.062 low, immediate support could come from the $0.065 level. In conclusion, a move above the MA 50 and MA 200 could alter the outlook to bullish.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
