Dogecoin [DOGE] along with the rest of the cryptocurrency market posted recovery after Elon Musk’s revealed that he and Tesla still own Bitcoin. The cumulative crypto market cap soared above $1.31 trillion as several assets bounced off from crucial support areas. The volatility, however, stalled even as the momentum improved which is currently helping DOGE buyers to stay active above the $0.171 support level as bullish sentiment makes a comeback.
Dogecoin [DOGE] was trading at $0.191 after an uptick of 0.26% over the past 24-hours. At the time of writing, the meme-token registered a market cap of $25.0 billion and a 24-hour trading volume of $4.10 billion.
Dogecoin [DOGE] Daily Price Chart:
DOGE saw the formation of two green candles as the price appeared to have bottomed out after touching the support area. The asset had maintained a consistent downward trajectory. Sell pressure grew after the 50 DMA [Pink] sustained a bearish crossover with the 100 DMA [Blue]. Following the upswing, however, the price moved over the 200 DMA [Yellow] depicting a rise in optimism. But, the low trading volume in the Dogecoin market could hinder the growth.
All the indicators noted upward changes. The Awesome Oscillator [AO], for one, flipped green candles depicting a shift towards bullish momentum. The Chaikin Money Flow [CMF] also surged before a little for flattening out depicting that the outflow of capital continued to exceed inflow. The daily Relative Strength Index leaped closer to the 50-median line as buying pressure picked up which could encourage further selling over the short term. On the flip side, the RSI, rising from oversold levels, displayed a bullish divergence.
DOGE will need to breach the moving averages at levels $0.42, $0.56, and $0.69 respectively to target highs established in the early days of bull run. The rise in selling sentiment could prompt the digital asset to test support areas of $0.171, and $0.0.48