Dogecoin (DOGE / USD) has not been the most promising token over the past two months, while other cryptocurrencies have been making headlines. At its current price of 0.27, the meme token is almost a third of its all-time high of near 0.74.
However, we can appreciate that the current price of DOGE / USD has jumped significantly from a low of less than 0.16, which it hit on July 21. It has made consistent gains from its low of 0.21 on October 12, and the rise indicated a potential uptrend.
DOGE / USD – A 4-hour technical overview
Observed on a 4 hour chart, we can see that the DOGE / USD is trading higher. It is already up 3.01% in the last 24 hours, after a high above 0.28.
These are clear signs that the DOGE / USD could rise further.
Higher ups and downs – Since October 12, the DOGE / USD has risen steadily, hitting higher highs and lows. This is one of the clear signs that the DOGE / USD is on a bullish move and higher levels are possible.
Moving averages support the price – The price of DOGE / USD is clearly above 50 MA (blue) and 20 MA (red). Both moving averages support the price, with further gains expected.
The escape has already taken place – This is the clearest sign that the DOGE / USD is about to rise. DOGE / USD managed to break through resistance at 0.26, which along with the trendline formed an ascending triangle. Keep in mind that the resistance level of 0.26 has been holding DOGE / USD for some time. Whenever the meme token broke this level, it faced resistance and closed lower. Now DOGE / USD has closed higher, moving in a parabolic configuration since Sunday.
Improving DOGE / USD Sentiments
For some time now, investors have believed that Elon Musk, who is currently the richest man in the world, owns Shiba Inu, after his tweet from the dog Floki. The tweet helped SHIB / USD rise by over 400%, and the strong momentum has continued to this day.
Nevertheless, another Tweeter by Musk on Sunday confirmed that he owns Dogecoin, alongside Bitcoin and Ethereum, with no mention of Shiba Inu. In other Tweeter, Musk said that even people on Tesla’s production line own Dogecoin. While Shiba fans have always been adamant and berated Musk’s comments, his revelation is already boosting the DOGE / USD, which has surged since Sunday.
Business idea DOGE / USD
At the moment, the technical indicators for DOGE / USD are aligned with the fundamentals, which supports a bullish view of the cryptocurrency. I could consider a buy at the current level, but it would be more appropriate to wait until the current correction finds support at or near 0.26, before entering a buy trade.
Based on the current momentum, I see DOGE / USD continuing to a price of at least 0.29. Other targets are possible, at 0.31 and 0.32, if the current momentum continues and the DOGE / USD continues to attract fans. Have a good negotiation!