DOGE Price Analysis: Will Support at $0.06 Hold Firmly?
The price of DOGE has continued to slide alongside other cryptocurrencies, including BTC, as it opens the new week below $26,000. Currently trading at $0.0632, the second most prominent meme coin has remained relatively unchanged over the last 24 hours.
If the support at $0.06 holds firmly, investors are likely to show their support for the price of Dogecoin and book long positions in anticipation of the release of Elon Musk’s biography. However, the short-term resistance at $0.064 needs to be overcome in order to pave the way for the next hurdle at $0.07.
Key Points:
- The 100-day Exponential Moving Average (EMA) at $0.07 suggests that bulls should prepare for a challenging moment with the bears.
- A buy signal from the Moving Average Convergence Divergence (MACD) indicator confirms the growing bullish influence. If this trend continues, trading volume may start to soar, validating a movement towards $0.07 and potentially even higher highs above $0.1.
- In addition to buyer congestion between $0.06 and $0.062, Dogecoin enjoys support at the lower ascending trendline. It is crucial to defend this trendline to maintain the uptrend and potentially reach $0.07 or even $0.1.
- On the other hand, losing support could result in a delay in recovery and potential losses to $0.054 and $0.044.
- DOGE price currently holds below all three key moving averages on the daily chart – the 50-day EMA, the 100-day EMA, and the 200-day EMA.
Can Elon Musk’s Biography Trigger DOGE Price Rally?
Elon Musk, CEO of Tesla and owner of X (formerly Twitter), is eagerly awaiting the release of his biography written by Walter Isaacson. Speculators have predicted a price rally based on Musk’s close relationship with Dogecoin, and the biography is expected to shed light on his involvement with the project.
Musk’s comments and actions have previously influenced DOGE price swings, and there are rumors of him secretly funding the development of Dogecoin. Speculation has also arisen regarding the possibility of Dogecoin being used for crypto payments on X, which could potentially cause the price to skyrocket.
Adding fuel to the speculation fire, Musk recently stated that X will “never” launch its own native token.
Hot Take
Despite the recent decrease in DOGE price, there is potential for a bullish climb if the support at $0.06 holds firmly. The release of Elon Musk’s biography could further boost the price and bring attention to his involvement with Dogecoin. However, it is important to keep an eye on the resistance levels and moving averages to gauge the market sentiment accurately.
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