The Doge has been on a fire lately and there’s no stopping it. Another day, another Elon Musk’s tweet and Dogecoin [DOGE] skyrockets again. After a tough week, the popular meme-coin rose by 14.32%.
Dogecoin has soared by approximately 12x but after touching all-time on the 19th of April, the token went on a downslide. The latest uptrend was not backed by the market-wide recovery, but another tweet from the Tesla Chief.
The uptick appeared to have lost some momentum as Dogecoin [DOGE] was still down by 4.35% over the past 24-hours and was exchanging hands at $0.303. At the time of writing, the digital asset recorded a market cap of $40.1 billion and a 24-hour trading volume of $8.9 billion.
Dogecoin [DOGE] 24-hour Price Chart:
Dogecoin [DOGE] attempted for a recovery run but its momentum stalled as the ill-fated volume failed to back the bulls. The volatility in the market was steady continued to influence the coin’s movement and has prevented a retest of a crucial support area.
The upsloping moving averages, 50 DMA [Pink] and 100 DMA [Blue] hovered well below the DOGE price candles forming crucial support from a damaging downtrend.
DOGE Technicals Look Bleak
Dogecoin’s [DOGE] upward tryst has failed to capture the necessary bullish momentum. The Klinger Oscillator was below the signal line pointing towards a bearish phase for the coin.
The MACD was also struggling to flip positive which depicted that the buying demand in that DOGE market has taken a hit despite upward attempts.
The RSI, however, was above the 50-median line depicting a sentiment of steady buying pressure among the investors in the coin market.
The trading volume has not corresponded DOGE’s desperate bullish swing which could result in the crypto-asset fallback. The resistance regions for the coin were found at $0.366, and $0.407. On the other hand, the support areas stood at $0.25, $0.13, and $0.088 respectively.