After six back-to-back green candles coupled with the latest spike, Dogecoin’s [DOGE] weekly gains surged to 21.45%. The crypto-asset even climbed to the 7th spot as the broader cryptocurrency market jumped above the $1.51 trillion valuations. DOGE’s price had previously faltered after breakout above May’s descending trend line.
The latest boost came after the long-anticipated discussion with Twitter CEO Jack Dorsey and star investor Cathie Wood, where Tesla’s Elon Musk where reiterated his commitment to DOGE and also hinted at a potential tie-up with Ethereum to increase transaction rates while reducing the costs.
As a result, Dogecoin [DOGE] posted daily gains of 14.34% which catalyzed the bullish momentum as it climbed to a price of $0.221. At the time of writing, the asset held a $27.22 market cap of billion and recorded a $2.02 billion 24-hour trading volume of billion.
Dogecoin [DOGE] Daily Price Chart:
While DOGE was still facing bearish challenges a the volume remained fairly low despite the increase in bullish momentum. The price candles, on the other hand, appeared to be inching closer to the 50 DMA [Pink]. If DOGE successfully breaches this, the next stop will be the 100 DMA [Blue]. The 200 DMA [Yellow] continued to hover below the candlestick arrangement despite several breakout attempts.
The green closing bars of Awesome Oscillator [AO] depicted a weak bullish momentum. The growing MACD in both size and strength indicating a rising buying demand in the market over the last few trading sessions that stretched over the last few days. A similar sentiment was demonstrated by the RSI which finally broke above the 50-median line after almost two months as a sentiment of buying pressure gained steam.
The renewed optimism in the market should be adequate to push prices to the upside. Hence, Dogecoin could target the immediate resistances of $0.26, $0.32, and $0.42 respectively. If the price falters, the token may explore support levels of $0,16, and $0.04.