Tag: DOGEUSD

Dogecoin In Demand: Data Shows DOGE Adoption Is Accelerating
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On-chain data suggests the Dogecoin adoption has been picking up recently as a large number of new addresses are popping up on the network.

Dogecoin Is Observing A High Number Of Daily New Addresses Currently

In a new post on X, analyst Ali talked about how the Dogecoin network activity has been looking like recently in terms of new address creation. A “new address” is one that has taken part in some kind of transaction activity for the first time.

Some of the new addresses that pop up on the network every day belong to the existing users, who may be creating additional addresses for privacy purposes or simply moving to a different wallet.

The rest of the new addresses, though, are being created by fresh investors entering into the market, so the daily total value of the new addresses can provide hints about how the adoption of the meme coin is coming along.

The below chart shows the trend in this metric for Dogecoin over the last couple of months:
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The value of the metric appears to have seen some overall uptrend in the last few weeks | Source: @ali_charts on X
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As displayed in the above graph, the daily number of new Dogecoin addresses started spiking last month and has since been consistently setting new highs as the metric continues in an overall upward trajectory. This would suggest that the network has been receiving a consistently high influx of new investors recently.

Adoption is always a constructive sign for any cryptocurrency, as fresh hands can help build a solid foundation that future uplifts in the price can sustainably grow off. Thus, it’s crucial for assets to continue to look attractive to new users, something that Dogecoin appears to have been doing fine recently.

Any positive effects on the price that come through adoption, though, generally only appear in the long term. Rather, depending on the nature of the adoption, it can in fact impart a negative influence on the cryptocurrency in the short-term.

This happens when too many new users join the blockchain in a short amount of time, only buying into the asset due to FOMO. Recently, the on-chain analytics firm Santiment also discussed this fast pace of address creation on the Dogecoin network, noting that Bitcoin (BTC) is also displaying a similar trend.
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The trend in the addresses of the top assets in the sector | Source: Santiment on X
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“Though network growth is a great sign long-term, this rapid rate of new wallets is a FOMO sign to be slightly cautious of,” explained the analytics firm in the post.

From the chart, it’s visible that Cardano (ADA) is the only asset among the top cryptocurrencies by market cap that’s not displaying any sort of address growth at all.

DOGE Price

Since the rally Dogecoin observed during the starting third of the month, the asset has gone rather stale, as its price has continued to move sideways around the $0.093 level during the last two weeks.
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DOGE hasn't enjoyed any upwards momentum in recent days | Source: DOGEUSD on TradingView
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Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net, IntoTheBlock.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Keshav Verma

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December 25, 2023
Dogecoin Whales Are On The Move: A Worrying Sign?
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On-chain data shows the Dogecoin whales have made some big moves in the past day, a sign that could be worrying for the asset’s price.

Dogecoin Whales Have Made Many Moves During The Last 24 Hours

According to data from the cryptocurrency transaction tracker Whale Alert, a few large DOGE moves have been spotted on the blockchain during the past 24 hours.

All four of these transfers are on the scale of millions in USD, suggesting that whale entities may have been behind them. The whales refer to the largest investors in the sector, who can hold some influence due to the size of their holdings.

Because of this reason, transfers from this cohort can be something to keep an eye on. How a whale moves could affect the market depends on what the whale intends to achieve with it.

Generally, it’s hard to say with certainty about such a motive, but depending on the types of wallets involved and the direction of the coins’ flow, some hints can be gathered.

The two oldest transfers from the past day involved the movement of $5.1 million and $7.5 million worth of Dogecoin to the Robinhood platform. Below are the details for the older of the two transactions.
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Looks like the transaction needed a fee of just $0.41 to go through | Source: Whale Alert
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As is visible, an unknown wallet was the sender of the transaction. Such wallets are unattached to any known centralized platform and will likely be investors’ self-custodial addresses.

When an investor shifts their coins from their wallets to exchanges, there is always a possibility the move has been made for selling purposes. As such, this deposit from the whale could be bearish for DOGE. The same would go for the other Robinhood deposit from the past day.

Besides these two deposits, there has been one more exchange inflow transaction in this same window to the cryptocurrency exchange Coinbase.
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The Coinbase DOGE deposit from today | Source: Whale Alert
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This $5.9 million deposit comes after Dogecoin recovered from its recent lows, so the whale may be looking to sell while some gains remain.

The final transaction from the last 24 hours is the largest of the four, as it has seen DOGE worth a whopping $41.5 million shift across the network. However, this transfer is unremarkable because only unknown addresses have been involved in it.

It’s hard to say what this transaction was made for, as it could be anything from a peer-to-peer (P2P) transfer to a simple change of wallets. Thus, unlike the other exchange deposits, this transfer could end up causing volatility in any direction, or it may not even have any influence.

DOGE Price

Dogecoin had recently plunged towards the $0.087 level but has since recovered above the $0.091 mark.
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The price of the memecoin appears to have run out of bullish momentum recently | Source: DOGEUSD on TradingView
```
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Keshav Verma

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December 19, 2023
Dogecoin Miners Dump 240 Million Tokens, Can DOGE Price Still Recover To $0.2?
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Dogecoin began a recovery with the rest of the crypto market in October and by December, the altcoin’s price would rise to a local peak of $0.107. Amid this recovery, DOGE miners have been selling off a significant portion of their holdings, which could explain the decline in the asset’s price earlier in the week.

Dogecoin Miners Sell $25 Million Worth Of Tokens

Dogecoin miners are some of the largest holders of DOGE with their holdings running into the billions. So any significant activity from them in one direction or the other can often be a major factor in where the price goes next. This time around, their activities have learned on the more bearish side and have negatively affected the DOGE price in the process.

According to the on-chain crypto data tracking platform IntoTheBlock, Dogecoin miners have been selling into every pump in the last couple of weeks. On November 24, the total combined reserves of DOGE miners had climbed to 4.67 billion DOGE. However, by the second week of December, this figure has dropped by a few hundred million.

Over the last month, the reserves have been on a slow decline, usually on a daily basis. But this decline adds up when zoomed out to look at the big picture. By December 12, Dogecoin miners held 4.4 billion DOGE in their balances, meaning they had sold over 240 million tokens in the space of three weeks.

Taking an average price of DOGE over the last few weeks, the total amount of DOGE sold by these mines comes out to around $25 million. This figure would explain the mounting sell pressure that the altcoin had been acting which eventually led to a brief decline below $0.091.
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DOGE price wobbles amid uncertainty | Source: DOGEUSD On Tradingview.com
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DOGE Price Recovery In Trouble?

After the dip earlier in the week, the Dogecoin price has begun to recover as of Thursday. This recovery pushed the price above $0.097 which is a welcome development for investors. But there is still the speculation of more sell pressure coming from DOGE miners.

However, there seems to be a change in sentiment among these miners whose holdings have begun to rise once more. Between, December 12 and 13, their holdings went from 4.4 billion to 4.41 billion. A small recovery, but a welcome change.

Dogecoin miner net flows are also starting to turn positive after two days of negative net flows totaling over 80 million DOGE. Net flows in this case is the difference between the total amount of inflows and the total amount of outflows from the miners’ wallets. On December 13, the miner’s net flow was 7.09 million DOGE. Still low but a stark contrast to the -43.33 million recorded on December 12.

Featured image from AMBCrypto, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 15, 2023
Dogecoin Price Prediction – DOGE Bulls Be Able to Hit $0.092 Barrier?
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Dogecoin is showing positive signs above the $0.0750 resistance against the US Dollar. DOGE could rally over 10% if it clears the $0.0812 resistance zone.
- DOGE started a decent increase above the $0.0750 resistance against the US dollar.
- The price is trading above the $0.0785 level and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.0792 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price could start a strong rally like Solana if it clears the $0.0812 resistance.
Dogecoin Price Eyes Fresh Rally

After forming a base above the $0.070 level, Dogecoin price started a fresh increase. DOGE broke the $0.0725 resistance zone to move into a positive zone, like Bitcoin and Ethereum.

The bulls were able to push the price further above the $0.0750 resistance. There was a clear move above the 50% Fib retracement level of the downward move from the $0.0875 swing high to the $0.0707 low. However, the price seems to be struggling near the $0.0812 resistance.

DOGE is now trading above the $0.0785 level and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.0792 on the 4-hour chart of the DOGE/USD pair.

On the upside, the price is facing resistance near the $0.0812 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0875 swing high to the $0.0707 low. The next major resistance is near the $0.0835 level.

Source: DOGEUSD on TradingView.com

A close above the $0.0835 resistance might send the price toward the $0.088 resistance. The next major resistance is near $0.0920. Any more gains might send the price toward the $0.095 level.

Are Dips Supported in DOGE?

If DOGE’s price fails to gain pace above the $0.0812 level, it could start a downside correction. Initial support on the downside is near the $0.0792 level and the trend line.

The next major support is near the $0.0770 level. If there is a downside break below the $0.0770 support, the price could decline further. In the stated case, the price might decline toward the $0.0710 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0792, $0.0770, and $0.0710.

Major Resistance Levels – $0.0812, $0.0835, and $0.0880.
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Aayush Jindal

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November 28, 2023
Dogecoin (DOGE) Set For Major Price Upswing – Analyst Says
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In the last week, DOGE, alongside other cryptocurrencies, suffered a significant price dip following reports of US enforcement action on the world’s largest exchange, Binance, and the company’s CEO, Changpeng “CZ” Zhao. In particular, DOGE recorded a cumulative price loss of 6.85%, ranking as one of the biggest losers in the last seven days, according to data from CoinMarketCap.

However, there are some positive developments regarding the meme coin, which indicate that investors may soon record a significant price gain.

DOGE Record Transactions Worth Over $100,000 – Price Gain Imminent?

In an X post on November 23, popular crypto analyst Ali Martinez shared that the DOGE market recorded $100,000 in transactions in the past month based on data from In The Block.

According to Martinez, this development marks a rising interest in DOGE from major institutional players as well as crypto whales, which means the maiden meme coin could be set for a price boost soon.

#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.

This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW

— Ali (@ali_charts) November 23, 2023

Providing more insight into this positive trend in the DOGE market, blockchain analytics firm Santiment reported that 121 new wallets containing over 1 million DOGE have been created in the last month, terming it “a Sign of Big Money Interest.”

Santiment noted that Dogecoin has also recently recorded its largest spike in activity from dormant wallets, which indicates an incoming reversal of the token’s price trend, which is currently negative.

Behind DOGE’s Rise In Transaction – Dogecoin Co-Founder Weighs In

In explaining the driving force behind increasing Dogecoin transactions, the token’s founder Billy Markus, with the X username Shibetoshi Nakamoto pointed out the introduction of ordinals and shitcoins.

This information was revealed in a separate post on X in response to a crypto enthusiast who highlighted the “parabolic” trend in the number of transactions on the Dogecoin network.

ordinals and shitcoins using doge blockchain

— Shibetoshi Nakamoto (@BillyM2k) November 24, 2023

DOGE Ordinals, popularly known as “Doginals,” are quite similar to the Bitcoin Ordinals. They are referred to as DRC-20 token standards, which allow users to inscribe information on the smallest individual units of a Dogecoin, i.e., shibes.

With the DRC-20 standard, DOGE users can now create non-fungible tokens (NFTs) supported by the Dogecoin network. Understandably, this has led to a substantial rise in the transactions on the Dogecoin network.

While this development marks an increased network adoption, which could attract investors, the increase in transactions is also accompanied by high network fees, which may drive away network users.

At the time of writing, DOGE trades at $0.078 with a 0.4% gain in the 24 hours. Meanwhile, its trading volume is up by 13.20% and valued at $374.16 million.
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DOGE trading at $0.0775 on the daily chart | Source: DOGEUSDT chart on Tradingview.com
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Featured image from PYMNTS, chart from Tradingview
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Semilore Faleti

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November 25, 2023
Dogecoin Metrics Signal Impending Breakout, How High Can The Price Go?
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Dogecoin is definitely on a rally as shown by crypto market numbers. The cryptocurrency has experienced a significant market increase amidst a wider consolidation, with the price up by 7.46% in the past seven days.

Although the price of DOGE was recently pushed back down today by some level of resistance near $0.087, it has since bounced back up again at $0.082. At the time of writing, DOGE is trading at $0.084, an increase of 2.4% from this support level. This indicates that the bulls are not ready to give up buying momentum.

According to a recent post by crypto analyst Rekt Capital on social media, DOGE has finally confirmed a break out of a descending channel pattern. On-chain signals also point to a huge surge in interest and trading volume, indicating DOGE might be going higher soon.

$DOGE has confirmed a breakout from its Channel#DOGE #Crypto #Dogecoin pic.twitter.com/SvmtG65FZa

— Rekt Capital (@rektcapital) November 17, 2023

Metrics Signal Impending Breakout

The current state of the cryptocurrency market appears to be one of general consolidation when viewed through the lens of the price action of the many different cryptocurrencies that are tracked by Coinmarketcap.

Crypto market caps seem to be running out of steam after a four-week consecutive rally. However, Dogecoin’s market value has been increasing over the past week, bucking the trend of most other cryptocurrencies in the top 10 by market size, which has all shown a decline in their market caps over the past week.
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Source: IntoTheBlock
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Dogecoin has finally broken out of its narrow trading range in the weekly candle chart, surging over 45% in the past month. Several catalysts have contributed to this impending breakout, one of which is an increased trading activity. Another catalyst is the announcement of Astrobotic’s plan to send a physical Dogecoin token to the moon in December.

Whale movements have also contributed for the most part. According to on-chain data from crypto analytics platform Santiment, the cumulative balance of wallets holding 10 million to 1 billion DOGE has increased from 44.63 billion DOGE tokens on November 1 to a cumulative balance of 47.38 billion DOGE tokens on November 17th. As a result, these large holders have increased their holdings by 2.75 billion DOGE, worth approximately $231 million at the crypto’s current price.
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Source: IntoTheBlock
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How High Can The Dogecoin Price Go?

The technical indicators for Dogecoin are looking quite bullish right now. The short 10-day Moving Average has climbed steadily above the longer 21-day Moving Average since a bullish cross on October 23 last month, indicating the bulls still have major control over the market. A continued bullish momentum could see the crypto break various price resistances, the first being the $0.87 level.

Doge is trading at $0.08440 at the time of writing. The next hurdle is to break above $0.09 and then move towards $0.1. According to IntoTheBlock’s Global In/Out Of The Money metric, about 1.58 million addresses are still waiting for DOGE to climb above their minimum buying price of $0.858 before making a profit.
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DOGE price drops to $0.082 | Source: DOGEUSD on Tradingview.com
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Featured image from Analytics Insight, chart from Tradingview.com
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Scott Matherson

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November 18, 2023
Dogecoin Price Prediction – DOGE Rally To $0.085 Seems Imminent
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Dogecoin is showing positive signs above the $0.0720 resistance against the US Dollar. DOGE could rally over 10% if it clears the $0.0765 resistance zone.
- DOGE started a decent increase above the $0.070 resistance against the US dollar.
- The price is trading below the $0.0720 level and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.0712 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price could start a strong rally like Solana if it clears the $0.0765 resistance.
Dogecoin Price Aims Key Upside Break

After forming a base above the $0.065 level, Dogecoin price started a fresh increase. DOGE broke the $0.0685 resistance zone to move into a positive zone, like Bitcoin and Ethereum.

The bulls were able to push the price further above the $0.0720 resistance. However, the price failed to clear the $0.0765 resistance and corrected lower. There was a move below the $0.0740 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.0655 swing low to the $0.0764 high.

DOGE is now trading above the $0.072 level and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.0712 on the 4-hour chart of the DOGE/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $0.0655 swing low to the $0.0764 high.

Source: DOGEUSD on TradingView.com

On the upside, the price is facing resistance near the $0.0750 level. The first major resistance is near the $0.0765 level. A close above the $0.0765 resistance might send the price toward the $0.080 resistance. The next major resistance is near $0.0820. Any more gains might send the price toward the $0.085 level.

Are Dips Limited in DOGE?

If DOGE’s price fails to gain pace above the $0.0765 level, it could continue to move down. Initial support on the downside is near the $0.0720 level.

The next major support is near the $0.0712 level and the trend line. If there is a downside break below the $0.0712 support, the price could decline further. In the stated case, the price might decline toward the $0.070 level or the 100 simple moving average (4 hours).

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0720, $0.0712, and $0.0700.

Major Resistance Levels – $0.0750, $0.0765, and $0.0850.
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Aayush Jindal

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November 7, 2023
Dogecoin Poised For Pullback After Failing To Hold Key Resistance

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Following a futile fight to break the $0.07 resistance, Dogecoin (DOGE) appears poised for a big drop. This was a warning in an October 31 X post by prominent crypto analyst Rekt Capital to his nearly 400,000 followers.

According to the analyst, despite its notable rally last week, DOGE failed to break its diagonal resistance, which resisted its ascent for several months. As a result of this failure, DogeCoin’s price might decline significantly soon.

Rekt Capital Analysis: DogeCoin’s Complex Weekly Close Below Resistance

From Rekt Capital’s analytic chart, Dogecoin (DOGE) has had a tricky week. It recorded notable upswings but closed below a significant resistance level at the price channel top. The analyst marked the meme coin’s closing price with a circle, as seen on the chart below.

This setup suggests that DOGE’s anticipated big upswing might encounter delays, the analyst said in the Twitter post. He added that, in the past, when this has happened, DogeCoin’s price declined significantly.

This means that the DOGE breakout is postponed. Previous weekly closes like this -> downside, Rekt Capital remarked.

However, despite the high likelihood of a decline, the analyst believes there’s hope for DOGE. Rekt said, “If DOGE can hold the highs and reclaim the channel top as support – there may still be a chance.”

Based on Rekt’s chart, to confirm a bullish trend, the DOGE $0.07 resistance needs to change to a support level on the weekly timeframe.

Rekt Capital’s Dogecoin Analysis. | Source: Twitter

Ali Martinez’s Bullish Analysis: Dogecoin’s Promising Breakout

Recently, another crypto expert, Ali Martinez, made an optimistic prediction about Dogecoin. The analyst shared a chart on the X platform showing that the meme coin has broken out of a long-term pattern. According to Martinez, this happened when the overall cryptocurrency market trend shifted upwards.

Ali Martinez’s Bullish Dogecoin Analysis. | Source: Twitter

Also, Martinez highlighted that a special TD Sequential indicator gives a BUY signal on DOGE. According to the analyst, this signal strengthens the positive outlook for the cryptocurrency. In context, this indicator helps traders figure out if an asset’s price might change direction.

Meanwhile, Dogecoin has formed two consecutive bullish higher-high candles on the weekly chart. The setup confirms that DOGE indeed broke free from the previous pattern.

In line with Rekt’s analysis, if the market keeps up this pace, the price could increase significantly. As of the time of writing, DOGE is trading at $0.0665; the coin is down by almost 4% in the past 24 hours. However, over the last seven days, Dogecoin has gained more than 1%, with a 12% 14-day increase.

Featured image from Shutterstock and chart from TradingView.com

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Kent Glory

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November 1, 2023
Charting Dogecoin’s Path: 20% Gains on the Horizon?

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Dogecoin (DOGE) continues its remarkable ascent in the cryptocurrency market, garnering attention from investors and enthusiasts alike. Over the past two years, DOGE has exhibited a strong affinity for an ascending trendline, which has played a pivotal role as a dynamic support mechanism.

This trendline, indicative of the coin’s consistent upward trajectory, has become a defining feature of the meme coin’s journey.

In the last six months, the price of Dogecoin has entered a consolidation chapter, repeatedly rebounding off the ascending support trendline situated in the $0.055-$0.06 range.

The significance of this pattern lies in the coin’s resilience to market fluctuations, bolstered by the unwavering support from its community of investors.

As of the latest data from CoinGecko, DOGE is currently trading at $0.068750, with a 0.6% gain in the past 24 hours and an impressive 10.8% surge over the past week. This upward momentum reflects the coin’s resilience and growing appeal among traders and investors.

Dogecoin Potential Upsurge

A notable technical pattern that has emerged is the formation of a double bottom, signifying a potential bullish trend. This pattern suggests that DOGE’s price could experience a substantial 20% rally, contingent on buyers maintaining support above the immediate threshold of $0.067.

The recent surge in meme coins, including DOGE, Shiba Inu (SHIB), and Floki Inu (FLOKI), has added to the excitement in the cryptocurrency sphere.

The growing enthusiasm can be attributed to the buzz surrounding the Bitcoin Exchange Traded Fund (BTC ETF), which has sent ripples across the crypto market and turned it a vibrant shade of green.

Understanding The Ascending Trendline

The significance of DOGE’s affinity for the ascending trendline cannot be overstated. This trendline serves as a visual representation of the coin’s consistent bullish trajectory over the past two years.

As the price of DOGE hovers in the $0.055-$0.06 range, it reaffirms the coin’s resilience and stability, making it an attractive option for both long-term and short-term investors.

The formation of a double bottom pattern in DOGE’s price chart is a promising development for traders. This pattern typically suggests that the coin is on the verge of a bullish trend reversal.

If buyers manage to uphold the immediate support level of $0.067, there is a potential for DOGE to embark on a significant 20% rally, offering traders an enticing opportunity for profits.

DOGE’s sustained journey along its ascending trendline, coupled with the potential of a double bottom pattern, paints an optimistic picture for the coin’s future.

As the broader cryptocurrency market experiences a surge in meme coin popularity, driven by the BTC ETF hype, DOGE enthusiasts eagerly await what the future holds for this beloved meme-inspired cryptocurrency.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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Christian Encila

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October 30, 2023
Dogecoin Price Prediction – DOGE Could Soon Pump 20% Like Bitcoin
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Dogecoin is climbing higher above the $0.065 resistance against the US Dollar. DOGE could rally over 20% if it clears the $0.070 resistance zone.
- DOGE started a decent increase above the $0.0625 resistance against the US dollar.
- The price is trading below the $0.0650 level and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.0650 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price could start a strong rally like Bitcoin if it clears the $0.070 resistance.
Dogecoin Price Starts Increase

After forming a base above the $0.0575 level, Dogecoin price started a fresh increase. DOGE broke the $0.060 resistance zone to move into a positive zone.

The recent pump in Bitcoin and Ethereum also pushed DOGE further higher. There was a steady increase above the $0.0650 resistance zone. A high is formed near $0.0693 and the price is now consolidating gains. It is also above the 23.6% Fib retracement level of the recent increase from the $0.0574 swing low to the $0.0693 high.

DOGE is now trading above the $0.065 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0685 level. There is also a key bullish trend line forming with support near $0.0650 on the 4-hour chart of the DOGE/USD pair.

Source: DOGEUSD on TradingView.com

The first major resistance is near the $0.0685 level. The main resistance is near $0.070. A close above the $0.070 resistance might send the price toward the $0.0735 resistance. The next major resistance is near $0.0750. Any more gains might send the price toward the $0.080 level.

Are Dips Supported in DOGE?

If DOGE’s price fails to gain pace above the $0.070 level, it could start a downside correction. Initial support on the downside is near the $0.0665 level.

The next major support is near the $0.0650 level. If there is a downside break below the $0.0650 support, the price could decline further. In the stated case, the price might decline toward the $0.0632 level or the 50% Fib retracement level of the recent increase from the $0.0574 swing low to the $0.0693 high.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0665, $0.0650, and $0.0632.

Major Resistance Levels – $0.0685, $0.0700, and $0.0750.
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Aayush Jindal

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October 23, 2023
Elon Musk wants to move forward with his purchase of Twitter. Here’s how some Twitter users reacted.

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Elon Musk sent a letter to Twitter
TWTR,
+22.24%
indicating he intends to move forward with his original proposal that he acquire the company for $54.20 a share, according to a filing from the Securities and Exchange Commission.

The Tesla Inc.
TSLA,
+2.90%
CEO agreed to buy the social media company back in April for $44 billion, but in recent months said he wanted to terminate the deal, publicly citing concerns about bots on the platform. The two sides had been entrenched in a legal battle over the past few months, and a Delaware Chancery Court judge was scheduled to hear arguments on the case in October, a case Wedbush analyst Daniel Ives said Musk was “highly unlikely” to win.

See also: College students who got low grades complained about their ‘dismissive’ professor. Then NYU fired him.

Twitter users reacted to the news on Tuesday afternoon, many of them joking about a potential resolution to the seemingly never-ending Elon Musk Twitter saga.

One Twitter user said she believes Musk will look to reinstate the account of former President Donald Trump, which was banned shortly after the attack on the Capitol on Jan. 6, 2021. Trump has claimed he won’t return to Twitter even if the Musk deal is executed, and he’ll continue to post on his platform, Truth Social.

See also: Trump’s Facebook ban may end as soon as January 2023, Meta executive says

“We’re doing a big platform right now, so I probably wouldn’t have any interest,” the former president said.

Another user tweeted that supporters of the meme crypto dogecoin
DOGEUSD,
+1.11%
are excited by Musk’s move to proceed with the deal. Musk has touted dogecoin on several occasions in the past few years.

Similar to bitcoin, dogecoin is a peer-to-peer, open-source cryptocurrency. It trades under the ticker symbol “DOGE” and features the face of the shiba inu from the popular Doge meme as its logo. Dogecoin was up as much as 9.16% after the Bloomberg news was published.

Musk has not publicly commented on the report, but one Twitter user pointed out that he tweeted about his satellite internet project Starlink after the news broke, but did not mention Twitter in any way.

A report from The Wall Street Journal stated Musk’s legal team relayed the proposal to Twitter’s team “overnight Monday.”

Shares of Tesla Inc. dipped after the news, and are now up just 1.31% during Tuesday’s trading. Shares of the EV maker were up as much as 5.65% on the day before the Musk news.

See also: SPAC backing Trump’s Truth Social hit by news Musk is again offering to acquire Twitter at original price

The news comes a few days after hundreds of text messages from Musk’s phone were made public as evidence in Twitter’s lawsuit.

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October 4, 2022