Dogecoin – D1 Chart
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Investing.com – While the retreats, losing almost 3% in 24 hours and more than 4% in one week, the stands out significantly from most other cryptocurrencies, posting a gain of 10% in 24 hours and more than 14% over a week at the time of writing this article.
Recall that the DOGE was moving towards $0.1450 in the early hours of yesterday, then jumping to a peak at $0.1790 in the evening. On this peak, Dogecoin showed a gain of more than 23% in less than 24 hours.
Currently at $0.1640, Dogecoin has corrected from that peak, but for now maintains a bullish bias on the bottom from a chart perspective. A break below $0.16 would, however, constitute a bearish alert.
On the upside, the psychological threshold of $0.18 touched last night, coupled with the 200-day moving average currently at $0.1828, form the first key resistance zone to take into account on the Dogecoin.
With hindsight, it will be recalled that the current bullish trend of Dogecoin started in the middle of March, when the DOGE was worth around $0.11, and gave rise to several important positive technical signals, such as the crossing of a line of long-term downtrend and the 100-day moving average, as seen in the chart attached to this article.
Dogecoin (DOGE) boosted by Twitter integration speculation (NYSE:)
As for the reasons for this strong rise in DOGE, some analysts pointed to the announcement of Tesla CEO Elon Musk’s (NASDAQ:) 9.2% stake in social network Twitter.
Knowing that Musk is a strong supporter of Dogecoin, which Tesla accepts as a form of payment for some of its products, investors are speculating that he could push for Dogecoin to also be integrated into Twitter, which allows already to tip in Bitcoin.
However, many people think there is little chance of this happening. This is particularly the case of Bob Iaccino, chief strategist at Path Trading Partners, quoted by Coindesk:
“It’s wishful thinking on the part of those who have invested in dogecoin. If anything, his position on Twitter’s board of directors makes it harder for him to use Twitter (if we were to assume that he was deliberately using Twitter for that purpose) to pump the price of anything. He faces much more specific regulatory action if he does that.”