Dogecoin (DOGE) rose another 16% on Tuesday, adding to the significant gains made over the weekend. Although the coin has pared slight gains, DOGE is up 11.17% in the last 24 hours. In the last 7 days, DOGE is up 23.48%, to $0.086 at the time of writing, according to data from CoinMarketCap. The Dogecoin community has distanced itself from the “Dogechain,” which claims to bring utilities such as NFTs and DeFi to Dogecoin, which it says is made possible by putting “wrapped DOGE coins on the smart contract bridge.” The Dogecoin community has raised several red flags concerning the project while maintaining that Dogechain is not related to Dogecoin or any of its developers in any way. It also states that claims in the media that Dogecoin launched a ”Dogechain” testnet release were false.
Key Levels
Resistance Levels: $0.1325, $0.1255, $0.1050
Support Levels: $0.0750, $0.0650, $0.0550
DOGE/USD Daily ChartAfter losing momentum below the daily moving average (MA 50) and rebounding off the horizontal line at $0.0500 levels, the price steadily increased on the daily chart. This progression from the $0.0491 levels is being aided by the bounce on the horizontal support extending from the low of June 18 and this week’s bullish-bearing daily candle.
Upward motions toward the moving average (MA 200) high of $0.1050 levels are being restrained by the horizontal resistance line at $0.0916 levels. Resistance from level $0.1000 might be tested if buying interest succeeds in breaking towards the daily high. The mentioned levels could provide resistance, which would limit further gains.
DOGE/USD 4-Hour ChartThe DOGE/USD spiked during the early Tuesday trading session. Beyond the short-term highs of $0.0850, the crypto is trading near the top point of the 4-hour chart, near the overbought zone of the relative strength index (RSI). Technical indicators suggest that the index will fluctuate during the upcoming trading session.
For bulls, the $0.1000 level might be a potential goal. The crypto may, however, encounter resistance from the horizontal resistance at $0.1050 during the upcoming session and the following. The horizontal support at $0.0750 levels, where buyers may reappear, will act as support if Dogecoin declines.
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