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Dogecoin Price Analysis: Elon Tweets to send DOGE to the Moon

Dogecoin(DOGE) came to the limelight after the Billionaire Entrepreneur Elon Musk started advocating the coin. He went on to tweet that he has bought DOGE to HODL for his toddler. 

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Given the massive following he has on Twitter, there was a surge in the price. The price surged up to 4 folds at the beginning of February. It went on to hit ATH of $0.08495.  

In the recent Tweet, Elon again has brought the attention back to Dogecoin by announcing to put it on the moon.

Dogecoin(DOGE) Technical Price Analysis

Dogecoin has been consolidating since the diversion of attention from the masses. DOGE hit its ATH of $0.08495 on Feb 9, later plunged to $0.05 and $0.04. After the subsequent consolidation phase, Elon’s Tweet made the DOGE rocket to $0.06307, up by 18.53%. 

The current Market capitalization of Dogecoin is $8,238,349,367, making it the #17 crypto on CoinMarketCap. Transaction volumes increased by a whopping 340.50% crossing $3.42 Billion in just 24 hours. The total circulating supply of DOGE is 129,003,759,079 DOGE as of now. 

Dogecoin(DOGE) Technical Price Analysis – 30 Minute Candle chart

The immediate support for the coin is $0.0609, $0.058. It also can hold strongly at $0.054. Multiple resistance levels will hold prices back, $0.067, $0.07 being the prominent ones. There has to be significant buying of the prices to surge further to break ATH.

The RSI reached to 90 after the tweet from Elon but quickly returned to 66 after a profit booking session. It is to be seen how the trend will react to developments of DOGE. 

MACD is severely bullish, indicating strong buy sentiment, with sufficient overhead for an uptrend. The price at a point crossed and broke the upper Bollinger band but could not sustain the levels due to selling pressure. 

As observed earlier, the token tends to lose its uptrend if there is no sufficient news to pump the prices. A coin that was created as a parody has become one of the top 20 cryptos. 

Support: $0.0609, $0.058, $0.054

Resistance: $0.067, $0.07

RSI: 66

MACD: Bullish

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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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