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Why is Dogecoin soaring high? Is DOGE Price to the moon back on cards?

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The price of Dogecoin increased when the price of other cryptocurrencies recovered. Bitcoin has broken through $50,000, a significant resistance level. The Dogecoin price stayed stable on Tuesday, as the so-called meme currencies maintained their momentum. DOGE climbed to a new high of $0.2487, the highest since September 17. From its lowest point in September, and is up by 5 percent.

Why is Dogecoin Price rising?

In the last 24 hours, the price of Dogecoin has risen. First, investors reacted positively to a tweet from Elon Musk in which he mentioned his dog, Floki. This tweet was interpreted as positive for Shiba Inu, the Dogecoin-killer, whose price had risen by more than 50%. 

Also Bitcoin, being the most valuable cryptocurrency by market capitalization, plays a critical role in influencing market mood, forcing other digital assets to follow suit. 

DOGE’s price rose even higher after Mark Cuban, a billionaire and another prominent booster, complimented the cryptocurrency in a recent interview.

Cuban remarked, “There’s a lot of people paying [with] Dogecoin. We sell thousands and thousands of dollars per month during the off-season, and once the season starts I expect that to happen per week in Dogecoin – and that’s really because it’s easy to spend, it doesn’t appreciate so much that people want to hold it forever.

Dogecoin price:

With a large buying volume, Dogecoin is at a strong support zone. The trading volume has been at its highest in almost a month, implying that bullish traders should expect continued strong momentum. The positive perspective is provided by the MACD indicators, with the above signal line indicating a purchase signal. 

The price of Dogecoin is holding above the pivot point of $0.214 and the first resistance level of $0.233. Increased purchasing pressure might lead to a test of the second resistance level at $0.246 in the near future, with a break above that level pushing DOGE over the crucial $0.25 mark. The RSI is currently at 52, indicating that the price can go up or down based on public sentiment.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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