The cryptocurrency market’s performance over the last few weeks has been all over the place, with the rankings shifting often.
The Dogecoin was sparked into action by the Shiba Inu price explosion on Wednesday, and the dog-themed meme coin is now surging to new highs. Dogecoin’s price has risen to $0.3298, its highest since August, and it has recaptured eighth place from tenth.
SHIB, on the other hand, fell as much as 30% to $0.00006 earlier today, after a three-fold rise to $0.00009. Dogecoin has dropped more than 60% from it’s all-time high of $0.74 in May.
Dogecoin price action:
Shiba Inu is pulling back after an unsuccessful attempt to settle above $0.000089. Dogecoin has gained a lot of upside momentum and is currently attempting to settle above $0.32. At the time of writing doge is trading at $0.30.
Dogecoin is now attempting to reclaim the $0.32 mark. The RSI is approaching overbought territory, but there is still plenty of possibility for more upside momentum if the appropriate catalysts arrive.
If Dogecoin rises above $0.32, it will approach the next level of resistance at $0.33. If the resistance at $0.33 is successfully tested, Dogecoin will be pushed towards the next resistance level at $0.35.
On the support side, the nearest level of support for Dogecoin is $0.3050. If Dogecoin falls below this level, it will fall to $0.2950, the next support level. A break below the $0.2950 support level will lead to a test of the $0.2870 support level.
Musk to the rescue
Elon Musk appears to have resumed tweeting about the meme-inspired cryptocurrency Dogecoin (DOGE), causing its price to rise by more than 18% in the last 24 hours, boosting its market value to $39.1 billion.