The crypto market was mostly green over the weekend, after Ethereum's Shapella Upgrade on Wednesday this week.
Several of the top cryptocurrencies on the market were strongly bullish, with Bitcoin rising by 2% in the last 24 hours, and others like DOGE and Ethereum leading the charge by 6% each over the last day.
In this article, we take a dive into what has been happening with DOGE in the news.
We will take a look at its price action over several timeframes, in an attempt to determine how it has been doing, and how it is likely to perform.
DOGE, the eighth-largest cryptocurrency by market capitalization, has fluctuated over the previous week, mostly under the influence of Elon Musk, the CEO of Twitter.
Without any explanation, the blue bird logo on the Twitter website was replaced last week, with a picture of Dogecoin's iconic dog.
As expected, the cryptocurrency's price had a tremendous increase, shooting up to the $0.1 range.
Shortly after, this bullishness vanished, and the coin's value once more declined. However, earlier this week, it was reported that Twitter and the trading platform, eToro had teamed up to enable stock and cryptocurrency trading on the former.
Musk has expressed a desire to include cryptocurrency payments via the platform and even indicated that DOGE will serve as Twitter's unit of account.
DOGE, in response, has soared massively this week, retaining a weekly rise of about 10%, even at the time of writing.
This explains why Dogecoin is going toe-to-toe with Ethereum and its Shapella Upgrade, in terms of bullishness today.
Since hitting a high of $0.16 sometime around November 2022, DOGE has traded in a range between $0.06, $0.07, $0.1 and $0.11.
Since hitting a low of $0.063 sometime around early March, DOGE slowly rose until it hit a local high of around $0.1 in April, about a month after.
However, after hitting this high, the memecoin declined after a relatively heavy rejection, before hitting the crucial support around $0.08 (horizontal blue line) as shown below.
After the cryptocurrency hit the $0.08 support in its decline from $0.1, the bulls promptly swung into action, pushing the cryptocurrency into a rebound that ultimately produced its 10% rise over the past week.
Dogecoin's RSI on the daily chart indicates that the bulls are in control, and sits at 60.51. The RSI-based MACD is also on the verge of a crossover with the signal line, indicating that the bullishness on DOGE has a good chance of continuing.
From this, it is reasonable to conclude that
This means that Dogecoin's true price target for the bulls is the $0.1 zone, and a retest is underway.
The bears are likely in wait at this point and will attempt to reject any further price advances.
On the TradingView technicals pane, Dogecoin is currently sitting at a "strong buy" as illustrated below.
tradingView's technical analysis shows that
DOGE has bounced off the $0.08 zone and is heading up to greater heights. The cryptocurrency currently trades at $0.09, leaving the bullish price targets as:
In the event that Dogecoin breaks below $0.08 and declines lower, the bearish targets are:
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.