Dogecoin price in recent times had lost some traction and hence maintained a sideways trend since the price was slashed in mid of May. The price maintained a narrow range within a falling wedge until the Coinbase announcement played the role of a catalyst to swell in price.
With the coinbase announcement, the price swelled to some extent, however, the actual bull run initiated with the mention from Tesla CEO Elon Musk.
In the tweet,Musk mentioned his passion about Chess, however, the presence of a dog kept the crypto space skeptical. No matter what he pointed out, yet the DOGE price initiated with a drastic surge, raising nearly 36%.
Also Read: Monster Mega Move Incoming For Bitcoin Price, $50k or $20K On Cards!
Dogecoin Price Analysis, Will The Rally Hit $1?
Dogecoin price initiated the day trade with a bullish trend as the rounds of Coinbase listing had outspread in the market. The price managed to climb to a certain limit and began with a sideway trend until Mr Musk came into the picture.
The price spiked massively by initiating a bull run towards the strong resistance levels around $0.5. At the press time, the price is experiencing a slight pull back after an intensified rally which escorted the price above $0.44. However, it appears that the price is still hopeful of a massive jump as the dump was negligible.
At the time of writing, the DOGE price is $0.4391 with a huge jump of 35.92% compared to the previous trading day. Also, with the massive rally, dogecoin may also flip Cardano to enter the top 5 cryptocurrency list in a short while from now.
Technical Specifications
- The resistance levels are at $0.51
- The support levels are at $0.32
- The indicators point out towards a buy signal
Also Read: Coinbase Pro Listing Dogecoin Sets Stage for DOGE Price Rally – Is $1 Back on the Cards?
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Source: https://coinpedia.org/price-analysis/dogecoin-price-bounced-back/
