The altcoin is so bullish after the Twitter purchase

Course (DOGE): $0.156 (previous day: $0.124)

• Short-term resistances/goals: $0.174, $0.181, $0.194, $0.212, $0.223, $0.238, $0.264, $0.281, $0.313, $0.353, $0.376
• Short-term supports: $0.151, $0.138, $0.123/0.119, $0.115, $0.106, $0.086

Dogecoin (DOGE)

• Dogecoin’s price shot up more than 25 percentage points minutes after Tesla founder Elon Musk’s confirmed takeover on Twitter.
• A possible integration of Dogecoin on the Twitter platform is thus given new impetus.
• As was the case 20 days ago, when the first rumors about a possible entry by the Tesla founder made the rounds, the DOGE course rebounded slightly to the south at the cross resistance of the 23 Fibonacci retracement and EMA200 (blue).
• At the time of writing, Dogecoin is trading around 10 percentage points below yesterday’s daily high.
• On the downside, Doge price now seems well supported in the $0.151 area. On the upside, the bulls need to break through the historical high of April 6 at USD 0.181 and thus also sustainably overcome the EMA200 and the MA200 (green).

Bullish Variant (Dogecoin)

• The Dogecoin price is currently trying to stabilize above the first relevant support at USD 0.151.
• The bulls must now do everything possible to overcome the cross-resistance at USD 0.174 and subsequently also to outperform the MA200 in the direction of the history high at USD 0.180.
• If the buyer side succeeds in breaking through the resistance at USD 0.180, a subsequent rise to USD 0.194 or even a direct march through to USD 0.224 is conceivable. The 38 Fibonacci retracement is the first relevant price target for the coming trading days.
• In order to sustainably advance back into bullish territory, investors must recapture further resistance at USD 0.238 and USD 0.264 in the medium term in order to unleash further upside potential.

New price targets could be targeted

• If USD 0.264 can also be passed without a significant price correction, the purple resistance zone between USD 0.281 and USD 0.313 comes into focus as a medium-term target area. This area is to be regarded as the maximum price target for the coming trading weeks. The zone between USD 0.290 and USD 0.313 represents an insurmountable price hurdle from the current chart view and taking into account the mixed situation on the entire crypto market.
• Only when Dogecoin dynamically breaks through the resistance level at USD 0.313 at the daily closing price will further rise targets at USD 0.354 and USD 0.384 be started. Here runs the so-called “Golden Pocket” from 61 and 65 Fibonacci retracement.

Bearish Variant (Dogecoin)

• If the hype surrounding the Twitter takeover subsides in a timely manner and Dogecoin slides back below the support level at USD 0.151, a retest of the cross support from horizontal support and EMA50 (orange) at USD 0.138 is likely. Here, the bulls should initially stabilize the DOGE course.
• If there is also an expansion of the correction on the overall market and Dogecoin also slips back below USD 0.138, the focus should be on the support at USD 0.119. The day before, the DOGE price bounced back dynamically to the north on this strong support from the supertrend and horizontal support.
• If this support level is also abandoned for a long time, the chart picture will cloud over further and activate the next price target in the area of ​​the low for the year at USD 0.106.

Price weakness could extend to the current low for the year

• If the selling pressure persists here and the current low for the year is undercut by the daily closing price, a direct sell-off up to the next support at USD 0.086 is conceivable.
• Should the price weakness manifest itself in the medium term, Dogecoin could even fall back to the April 2021 breakout level of USD 0.063. For the time being, this support area is to be seen as the maximum correction level for the coming trading weeks.
• Looking at the RSI and MACD indicators, the bullish scenario is preferable for the time being. Both indicators generated buy signals from yesterday’s jump in prices.
• Both indicators also show slight buy signals in the weekly chart, which reinforces the positive outlook for the coming weeks of trading.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.93.