© Reuters
Investing.com – As the slid below $29,000 yesterday afternoon, and remains close to its recent lows on Tuesday morning, and most other cryptocurrencies are also showing in the red, the largely stands out.
The DOGE indeed marked a high at $0.07766 on Monday morning, up 8% over 24 hours and more than 10% over a week. It is also the only cryptocurrency in the top 10 that shows gains on these two deadlines.
Note that once again, the Dogecoin owes its outperformance to Elon Musk, boss of Tesla (NASDAQ:) and Sapce X and owner of Twitter (NYSE:), renamed “X” since Monday.
Indeed, Musk added the Dogecoin symbol to his Twitter bio (X), alongside the company’s new logo:
This change, added to the rebranding of Twitter in “X” and Elon Musk’s stated desire to make it a multifunction app (including for payments) has largely revived speculation about a possible integration of Dogecoin into the app, in one form or another.
Technical thresholds to monitor on Dogecoin
From a graphical point of view, it should be noted that the Dogecoin has sent several bullish signals in recent days, with a crossing of the 100-day moving average yesterday, and with a test of the 200-day MA on Monday.
If DOGE continues to rise, the $0.08 threshold will be the next potential hurdle to consider. Then, attention could quickly turn to the all-important psychological threshold of $0.1.
Finally, in case of a correction, $0.075 will be the first potential support, before the 100-day MA at $0.071, then the $0.07 threshold.