Dogecoin Price Spurs as Elon Musk Reconciles His Love for DOGE

Dogecoin that was seen trading below 45th position in the global crypto market, has now climbed to be one of the top 45 cryptos, with a clear bullish divergence. After drawing a flattish trend until the beginning of the ongoing month, Dogecoin was seen strengthening, and with a bullish candlewick, it was just yesterday when DOGE price went as high as $0.0055. However, currently, it is trading with an apparent pullback of over 18% in less than 24 hours from
yesterday’s high.

However, due to immediate pullback in the intraday, the bearish candle led to daily correction with a volatile dip of over 15%. Moreover, Dogecoin is believed to have a concurrent motion to that of Bitcoin, but the latter is seen consolidating below $23k due to intraday lack of traction.
Back then, when Bitcoin price was spurring, Dogecoin failed to follow the sentiment and was seen trading in red with consolidation in the lower price range.

Dogecoin Price Spurs as Elon Musk Reconciles His Love for DOGE

Moreover, just when we talk about the concurrent price movement, we cannot forget the fact that Bitcoin is growing massively against Facebook, Amazon, and any other big name. In this regard, it was in the previous year when Tesla’s CEO, Elon Musk, was seen holding a committed affair with Bitcoin, and yet again, it was just yesterday when he inquired about converting a large transaction of Tesla’s B/S into Bitcoin on Twitter.

With this, it was just yesterday when Elon Musk reconciled his love for Dogecoin, which is often just a “meme coin” for many, and boom, there it was, the price spiked as close as hitting a double top around the YTD high at $0.0057.

Dogecoin Price Analysis

Dogecoin News
DOGE/USD Chart By TradingView

At the press time, Dogecoin price was seen trading with over 15% from yesterday high of $0.0055 to currently trading at $0.0045. Additionally, it was just yesterday when Elon Musk, in just one word, pushed Dogecoin from a consolidating region to a bullish candlewick above $0.0050. Hopefully and according to Dogecoin predictions, the price of Dogecoin will reach its all-time high.

Alongside, on the daily chart, the price trend of DOGE/USD was seen hitting the upper band with a clear five bullish candlewick close yesterday. The currency is also retaining complete support from 50-day and 200-day daily despite the intraday pullback.

In this respect, the MACD indicator still holds a bullish sentiment with a complete bullish crossover as the coin trades above $0.0040 and $0.0035, which happened to be the major consolidating price points then. The RSI reflects escalated demand of Dogecoin, lies at 72.91.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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