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Dogecoin price analysis: Musk supports Dogecoin for boosting its cost, is it a reliable asset for new Investors?


www.thecoinrepublic.com 14 May 2022 11:41, UTC
Reading time: ~2 m

  • Dogecoin is trending towards a conceptual round of $0.10 after retreating from the yearly low of $0.070.
  • Despite the yearly low, trading volumes do not seem to be much compared to April.
  • The DOGE/BTC pair price is up 10% in the green zone with the presence of 0.000003023 satoshis.

The Dogecoin which is the most popular cryptocurrency in the entire Crypto industry as a MEME coin. But because of the ongoing crypto crisis the DOGE crypto has dropped 30% in the last 24-hours.


Source: DOGE/USDT by Tradingview 

In the context of the 4-hours chart, the bulls are looking aggressively to push DOGE price towards the conceptual round level of $0.10, which acted as a key bullish barrier. On the other hand, the recent low of $0.068 has acted as an important hedge for DOGE holders.

With a bullish intraday trading session, Dogecoin is trading at $0.0928 at the time of writing. Similarly, the market cap has increased by 22% to $12.3 billion in the last 24 hours according to CMC. Moreover, the DOGE/BTC pair price is up 10% in the green zone with the presence of 0.000003023 satoshis.

Over the last night, nearly 40% of trading volume during the fall. However, the volume to Market Cap ratio is 0.165.

What’s next with DOGE?


Source: DOGE/USDT by Tradingview 

The 200 EMA (white) has been an important selling area for the bears for a long time. Therefore, the 10, 50, 100 and 200 EMAs are well above the current price.

In the context of the daily price chart, the RSI indicator is attempting to cross over to the oversold area. MACD is trending down in negative territory.

conclusion

Although Mask has been a supporter of Dogecoin for a long time, as he promotes the crypto in Twitter to raise the price of DOGE. But there is still an important bullish barrier for the bulls at the $0.10 mark.

Support level – $0.070 and $0.050

Resistance level – $0.10 and $0.12

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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