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DOGE Price Consolidating, Will Elon Musk Jump In Action?

Highlights

    DOGE price is currently experiencing a major dip as the asset plunged below $0.05 yet managed to get back

    Interestingly, the mentions from the interpreted CEO Elon Musk’s led to the decline in the price

    Regardless of the rounds, the DOGE price is expected to rebound and strongly head towards its ATH shortly

DOGE Price May Go Parabolic

DOGE price is experiencing almost equal levels of purchases and sales that might have led the price to trend sideways. As the initial pump was triggered with various attempts from Tesla CEO, Elon Musk, it seems that the impact was short-lived.

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The crypto masses were fumed when Tesla’s balance sheet included more than a billion Bitcoin investments. However, with the announcement of holding some Dogecoin for his son, Musk propelled the price surge yet again.

However, in recent times, Elon Musk might have just let off his interest over his favourite coin as there were no mentions by him offlet. Nevertheless, the price is still expected to rally hard as in the past couple of hours, the price managed to accumulate more green candles.

The recent Bitcoin purchase by tesla was done through a popular exchange Coinbase according to an analyst. 

Answering the query raised by the analysts that Coinbase needs to list Dogecoin, Elon Musk replied positively. Therefore pointing out for a probable bull run approaching for the asset if Coinbase plans to list the asset.

Dogecoin Price Analysis – Will DOGE Price rebound?

The DOGE price appeared to have held an upper hand since the start of the week as the price rallied above $0.06. Later, the price experienced a slight pullback which kept the price trending in between $0.05889 and $0.05392.

However, the DOGE price reinstated the lost momentum in the early trading hours and surged nearly 8%. The current price moment manifests a probably parabolic recovery. 

doge price consolidating

However, the DOGE price reinstated the lost momentum in the early trading hours and surged more than 20%. The price initiated a surge since the past couple hours regaining the previous position above $0.055. 

At the time of writing, the DOGE price is $0.05665 with a dip of nearly 13.61% in the last 24 hours. Currently, the prime focus would be to hold the existing levels and attempt to hit the higher levels in order to continue surging.

Technical Indicators

  • The resistance levels are formed at $0.06938
  • The support levels are formed at $0.04435
  • The indicators for DOGE price points out towards a ‘buy’ signal

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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