Dogecoin rank spiked after having risen to a lower high price at $0.00545 in correspondence to the YTD high that at $0.0057 in the earlier quarter at the onset of July. Dogecoin gained traction in the last week after Elon Musk shilled and reconciled his affair with Dogecoin after 2019’s bang. It was in the previous week when the CEO of Tesla enquired about converting Tesla’s B/S into Bitcoin that led to a gradual gain in the price of the crypto.
Dogecoin price trend was flat with an intermittent dip reflected in March just when the markets crashed, and a steep rise exhibited in July followed by December 2020. Moreover, the coin ditched the flattish momentum and trend at the beginning of the previous month when it first spiked to $0.0044, followed by yet another at $0.0055 in approximately 30 days from the previous. Despite the current gain and prediction in Dogecoin price prediction, the coin faced a stringent resistance at $0.0057.
At the time of penning down this analysis, Dogecoin was seen trading below $0.0050 at $0.0045, which was crucial support than when it drew an extended bearish candle from the recent high in the intraday. With a candlewick dip, the price trend of DOGE/USD breached the lower Bollinger Band on the 3-hourly chart after a clear rejection over the past three days.
Before reclaiming to the current trading price, Dogecoin tested 50-day MA support at $0.0044 but retained steady support from 200-day MA at $0.00377 with a sluggish trend remaining intact. But with a gradual increase in price with a bullish candle seen forming on the 3-hourly chart after a candlewick dip, the RSI of the coin rose from the oversold region and currently lies at 48.31.
Maxwell Mutuma is a crypto journalist at NameCoinNews, with over five years of experience in digital media and Web3 reporting. Since turning his focus to crypto in 2020, he has covered articles around blockchain infrastructure, DeFi protocols, exchange developments, and the broader decentralization movement. Maxwell's work is driven by a long-held conviction that decentralised technology represents a genuinely transformative force. He brings that perspective to his coverage of on-chain developments, regulatory shifts, and the global adoption of Bitcoin and digital assets.
