Dogecoin price rose strongly on Tuesday, gaining 4.7 percent to trade at $0.388 at the time of writing. The meme coin posted mixed results last week, and the resurgence will have its supporters believing that it could set a new record high this week. The current Dogecoin price is 46 percent below its all-time high set in May 2021. However, DOGE has gained 170 percent in the last month, making the ATH a realistic target.
The key momentum indicators affirm the strong bullishness around Dogecoin. It trades above the Volume Weighted Moving Average (VWMA) on the daily chart, and levels and its 24-hour traded volume was up by 26 percent at the time of writing. A rise in an asset’s traded volume when prices are rising typically indicates bullishness.
Dogecoin’s propulsion fuel is still in play, as Donald Trump nominees to key institutions are seen as disruptive to the traditional way of administration. Trump is yet to make moves in the financial markets sector, and the anticipation surrounding his potential announcements will keep cryptocurrencies on the uptrend.
Meanwhile, a lawsuit filed against Elon Musk seeking compensation for his alleged undue influence on Dogecoin price was dropped last week. A harsh regulatory framework coupled with multiple lawsuits against crypto assets and institutions has subdued the industry’s growth. However, the change of guard at the White House signals a newer and more accommodative era.
Dogecoin price pivots at 0.378, and action above that level will signal control by the buyers. The momentum will likely meet the first resistance at 0.390, but extended control by the buyers could breach that level and test 0.400.
On the other hand, moving below 0.378 will favour the sellers to take control. In that case, the first support could come at 0.367. However, if the sellers extend their control, the price could go below that level. That would invalidate the upside narrative and potentially take the price lower to test 0.357.
This post was last modified on Nov 19, 2024, 08:59 GMT 08:59