Earlier today, the cryptocurrency posted a spectacular 110% weekly gain, It has lost 8.10% in the past hour as of this writing, reducing its gains in the last seven days to 101.90%.
Dogecoin (DOGE), the world's largest meme cryptocurrency, has seen its price increase by almost 110%, breaking above the strong resistance level of $0.135. As the "Dogefather," Elon Musk, takes over Twitter, October has been a bullish month for Dogecoin. Dogecoin is now the sixth most valuable cryptocurrency by market cap.
When the crypto market recovered from its drop on October 25, Dogecoin began to rise. Following the news that Elon Musk's $44 billion purchase of social media company Twitter had been completed, the asset continued to rise. Because DOGE is experiencing a positive trend, the current trade price is not the only area where it has done well in recent days.
A daily candle closing above this resistance level would provide a stronger base for buyers to extend the bull run. As a result, with further purchasing, Dogecoin might reach the next resistance level of $0.17200.
On the Hourly chart, DOGECOIN is trading in a descending triangle pattern. A break in any side will decide the new rally. As the chart indicates, a probable retracement might retest the 0.382 Fibonacci retracement level at $0.11500 or the 0.50 FIB level at the psychological $0.1000 level.
However, additional increase is unlikely because the price has already climbed dramatically in a short period of time. As a result, if no news update encourages bullish growth, the cryptocurrency should enter a corrective phase to stabilise this rise.
Dogecoin has printed a bear candle for the first time since breaking over a key declining trendline on the daily chart at $0.0632. After breaking through resistance at $0.1200, DOGE has made a high of $0.1515 and some profit booking is seen. Now Support at $0.1200 is required to allow additional bulls to enter the market, especially with the new week starting in a few hours.
According to Price Analysis, this DOGE market capitalization is expected to be $16,375,771,554. The coin's 24-hour trading volume is around $7,290,408,923. The market capitalization of DOGE has decreased by 8.12%. During intraday trading, however, transaction volume rose by 48.34%.
On the upside, an immediate resistance level is around $0.13200. The first substantial barrier is formed at the $0.14600 level. The major resistance is presently formed at $0.15200. If the price breaks through the $0.15200 level, it may begin a quick rise. In the scenario indicated, the price might gradually rise towards $0.17000.
If the price of DOGE does not rise above $0.13200, it may begin to fall. On the downside, $0.11000 provides immediate support. Between $0.10000 and the hourly 100 simple moving average is the major support level. A breach below $0.10000 might signal the beginning of a fresh drop towards $0.08900.
KEY LEVELS :
RESISTANCE LEVEL : $0.13200-$0.15000
SUPPORT LEVEL : $0.11000-$0.10000
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