© Reuters
Investing.com – The is one of the few cryptocurrencies to rise yesterday. While the meme-corner had recently become quite quiet, the DOGE community finally seems to have a newfound optimism.
After the cancellation of the agreement with Twitter (NYSE:) by Elon Musk, CEO of Tesla (NASDAQ:) and proponent of Dogecoin, hopes were high that DOGE could soon be used for different Twitter functions.
However, as part of the legal proceedings launched by the management of Twitter, it emerged that Elon Musk was still interested in the platform. At the same time, Twitter announced that it was still ready to accept the purchase sum of $44 billion.
The fact that the resumption is apparently not abandoned has also awakened the community’s fantasies when it comes to courses. If more concrete statements are made on this subject in the coming days, further gains are to be expected. In the event of negative news, the resulting disappointment should have an adverse effect on DOGE/USD.
Dogecoin Technical Price Benchmarks
Dogecoin is currently up 3.77% at a price of $0.063169, while the weekly gain stands at 4.92%.
Yesterday, the cryptocurrency managed to break above the 61.8% Fibo retracement of $0.064133 on the daily close. However, the positive momentum is already running out of steam and the price is thus moving away from the top of the $0.66697 area.
For the upside move to extend to the next resistance towards the 50 percent Fibo retracement of $0.068736, a daily close confirmation above the 61.8 percent Fibo retracement is a must .
If the bulls fail to do so, the rise above the 61.8% Fibo retracement was just a false breakout and an extension of the downward move towards the Fibo retracement should be expected. 78.6% from $0.057579.
By Marco Oehrl