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Dogecoin (DOGE )Price Pumping Again, Is it Controlled or Organic?

Highlights

    Dogecoin price initiated the rally yet again with more than 10% surge in the early trade hours

    Many people speculate an operated spike yet again by some groups which may rally the price to the previous levels

Will Dogecoin Price hit $1?

Dogecoin price was experiencing a massive plunge of more than 4% in the last working day, however, it appears that the price has sustained the lows. The price rose significantly in the early hours of trade attaining the levels above $0.04, yet plunged back below the levels within no time. 

The first attempt to pump the DOGE price was successful as the price rose more than 800% but did not experience a free-fall. Further, the group may have initiated yet another attempt to bring back the price to its previous levels, currently as been discussed on the group.

On the other hand, Robinhood App which had suspended the trading of Dogecoin along with GMC and AMC, resumed the trade. The platform announced the resumption of trade with immediate effect since the last working day. And hence paving way for the traders to trade DOGE on the platform. And this may be one of the reasons, the DOGE price might have been surging recently. 

DOGE Price Analysis

The DOGE price had a massive rally at the end of January 2021 with a huge spike in its price chart. The accelerated rally escorted the price close to $0.1 yet witnessed a slight pull-back to the levels close to $0.022. 

dogecoin price

However, the price still maintained above $0.01 and did not visit the initial levels around $0.008. Currently, the price is attempting very hard to gain the lost momentum to recover the losses and also obtain the previous levels.

At the time of writing, the DOGE price is $0.03978 with a massive jump of more than 22.13% in the last 24 hours. The indicators are pretty bullish as the RSI is trending in the overbought position close to 80 levels. Previously, when the RSI swung in the overbought levels, the asset plunged heavily but the RSI remained above the oversold area.

Technical Specifications

  • The price had broken the resistance levels above $0.04 yet plunged back. And hence, these levels need to be tested again before jumping to the next levels close to $0.05
  • The support levels are formed at $0.03033 
  • The indicators point out a ‘buy’ signal.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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