- Dogecoin (DOGE) price skyrocketed to all-time highs of $0.1466 on Apr. 14
- Dogecoin exploded higher after Elon Musk’s Tweet of April 10
Dogecoin (DOGE) price skyrocketed to all-time highs of $0.1466 on Apr. 14, entering uncharted territory. A two-day bullish streak sends DOGE price from Apr. 13 lows of $0.068 to fresh highs of $0.1466, gaining more than 100% within this period. DOGE price surged above the $0.072 resistance that kept the bulls under control since mid-February, sending the RSI into the overbought territory. The latter increases the odds for a downside correction, though only a decisive close below the previous barrier of $0.072 would raise concerns about the sustainability of the DOGE’s upward direction.
Dogecoin is a cryptocurrency based on the popular “Doge” Internet meme. Dogecoin has a current market cap of $14.48 billion, with $11.7 billion in trade volume over the past 24 hours. As of press time, DOGE was trading at $0.1353, up 77.21% in the last 24 hours and 75.32% weekly.
Dogecoin exploded higher after Tesla CEO, Elon Musk indicated that it would be “going to the moon very soon” in an Apr. 10 tweet. DOGE’s price outlook has switched to strongly positive as it re-activated its uptrend off the $0.068 low on April 12. DOGE surged to fresh all-time highs of $0.1466 before retreating to its present price of $0.1353.
… going to moon very soon
— Elon Musk (@elonmusk) April 10, 2021
DOGE/USD Daily Chart: Bullish
DOGE entered into consolidation in mid-February after a correction from highs of $0.09 on Feb. 8. DOGE made a strong bullish breakout above the $0.072 resistance on Apr. 13. The DOGE/USD pair is now trading well above all its moving averages (MA 50 and 200), keeping the overall picture positive.
Additional gains may be expected in the following sessions as the RSI is still yet to confirm overbought conditions. In this scenario, further increases could take the bulls revisiting the all-time high at $0.1466. More advances could send the price into uncharted territory in which DOGE price could search for new record highs between the $0.016 and $0.017 psychological levels.
Alternatively, a pullback should see the $0.094 act as immediate support. In case of further declines, support awaits at $0.081 ahead of $0.072. Only a break below the $0.072 level places the uptrend in danger. In this scenario, DOGE may trade sideways or dip lower. Further declines beneath the $0.072 would expose support at $0.068 ahead of the MA 50 at $0.058.
- Supply Levels: $0.18, $0.17, $0.16
- Demand Levels: $0.094, $0.081, $0.068
In brief, DOGE price is viewed as strongly bullish, though with the potential for a negative correction. Yet, any decline that should stretch below $0.072 may downgrade the positive outlook.
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