DOGE Calms Down After Twitter Hype, Drops 9% Daily? (dogecoin Price Analysis)

DOGE Calms Down After Twitter Hype, Drops 9% Daily? (dogecoin Price Analysis)

The price rallied 36% after Twitter changed its logo to Dogecoin, but it remains under key resistance.

Main Support Level: $0.07

Key Resistance Level: $0.11

Elon Musk didn’t disappoint and kept his promise of getting the Twitter logo. Doge took a firm stance on the news, but not as much as expected, with the price yet to break the resistance at 11 cents. For this Elon will have to do more. The main support is at 7 cents.

charts by tradingview

trading volume: Buying volume exploded on Twitter news, but sellers have dominated since then, keeping DOGE in a correction.

RSI: The daily RSI was briefly overbought and has since corrected higher. As long as it stays above the 50 mark, the bias is bullish.

macd: The daily MACD is bullish, but the histogram is making lower highs. This pullback could be healthy considering the recent jump in the price.

charts by tradingview


The bias for DOGE is leaning towards the bulls.

Short term prediction for DOGE price

Despite Twitter being heavily behind Dogecoin, the price hasn’t rocketed as much as it has during similar booms in the past. This is a bit surprising. Nevertheless, the bias remains bullish, and there could be a test of resistance at 11 cents.

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Cryptocurrency charts by TradingView.


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