Tech mogul Elon Musk has been the biggest driver for Dogecoin [DOGE] rush. The cryptocurrency noted gains of more than 112.24% over the past week. The memecoin has noted an impressive jump to the 11th spot on the cryptocurrency ladder from less than a cent at the beginning of this year to the press time price of a fresh new peak.
After the Coinbase debut on Nasdaq, several cryptocurrencies saw minor pullbacks. Dogecoin [DOGE] was done by 2.16% over the last 24-hours which drove its price to $0.129. At the time of writing, the digital asset registered a market cap of $16.62 billion and a 24-hour trading volume of $14.15 billion.
Dogecoin [DOGE] Daily Price Chart:
After weeks of consolidating, Dogecoin [DOGE] finally noted three straight days of green candles that prompted a fresh parabolic rise to a new ATH as volatility made a comeback. The 50 DMA [Pink] did manage to move above the DOGE candles during the last week of March. However, this trend was short-lived as the crypto-asset held on to the bulls.
After a brief trend of convergence, the gauge between the two moving averages, 50 DMA and 100 DMA [Blue] rose yet again while settling below the price candles and forming crucial support points.
Continuation of Uptrend
DOGE technicals appear to be strongly favoring bulls. The MACD indicated a massive volume in the coin market as demand remained quite high. The long green bars of Awesome Oscillator depicted a phase of bullish momentum in the DOGE market.
In tandem with the rising price action, the RSI also rose to the overbought zone depicting a sentiment of buying pressure among the investors of the coin as the volatility in the market continued to rise.
The above charts point at a bullish phase for Dogecoin that could take it to climb new highs. However, in an unlikely case of a bearish reversal, the digital asset could test support at levels $0.0698, $0.059, and $0.047 respectively.