The cryptocurrency market is on a gradual recovery after experiencing one of the most significant breakdowns since January, BTC recovered to trade past $50k. On Jan. 29, Dogecoin had a flash rally to $0.10 when it attracted attention from r/Wallstreetbets. DOGE’s subsequent uptrend was stalled at $0.09 after Elon Musk slammed DOGE’s rich list. Dogecoin then embarked on a steady decline till it reached lows of $0.044, entering a consolidation phase after. However, Dogecoin was not spared by the bearish wave that hit the entire crypto market, spiraling downhill to $0.0408. On Feb. 24, a rebound kickstarted on DOGE/USD to intraday highs of $0.0627. DOGE is up by 24.12% in the last 24 hours and 7.46% weekly while trading presently at $0.0564. Ranking 14th largest, Dogecoin’s market valuation stands at $7.24 billion with $3.94 billion in trade volume over the past 24 hours. Tesla’s CEO, Elon Musk resumes Dogecoin tweets after a brief break. The world’s richest man is once again pushing Dogecoin with a Twitter bio that reads ‘doge all day, doge all night’. Musk also tweeted on Wednesday Dogecoin is ‘literally’ going ‘on the actual moon’ while sharing a cartoon of the Doge mascot on the surface of the moon.
*Dogecoin embarked on a steady decline till it reached lows of $0.044
*DOGE is up by 24.12% in the last 24 hours and 7.46% weekly while trading presently at $0.0564
*Tesla’s CEO, Elon Musk resumes Dogecoin tweets after a brief break
Key Levels
Resistance Levels: $0.0818, $0.0728, $0.0657
Support Levels: $0.0408, $0.0350, $0.0280
DOGE/USD Daily Chart: Ranging
DOGE/USD Daily Chart
Dogecoin price rallied to $0.0627 today but the bulls could not sustain the higher levels. This may suggest that the bears have not yet thrown in the towel. The upsloping MA 50 and the RSI in the positive territory still suggests an advantage to the bulls. If the bulls can propel and sustain the price above $0.0627, the rally may extend to $0.0728 and then $0.09.
On the contrary, If DOGE suffers a breakdown in price below $0.050, support is envisaged at $0.0343 coinciding with the MA 50. If this fails, DOGE will likely slump back to its previous low level of support around $0.028. A break below the ascending trendline support at around $0.044 will suggest a trend change.
DOGE/USD 4-Hour Chart: Ranging
DOGE/USD 4-Hour Chart
DOGE attempted flipping the 4 hour MA 50 resistance cap at $0.054 into support today, rallying to $0.0627. If the price sustains above $0.6267, the bulls will try to resume the up-move. A breakout of $0.073 could open the doors for a rally to $0.09 and then $0.10. Conversely, if the price slips below the current level of $0.056, the DOGE/USD pair may again drop below the MA 50 at $0.054.
This is an important area to watch out for because if it cracks, the correction may deepen to $0.0457 which coincides with the MA 200. DOGE must continue trading within the confines of ascending trendline support to avoid a trend change. The DOGE/USD pair is only bullish while trading above the $0.043 mark, key resistance is found at the $0.065 and the $0.072 levels.
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