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DOGE Price Analysis: Rebounds From Lows, Elon Musk Admits He Owns Dogecoin at B-Word Event

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Tomiwabold Olajide

  • Dogecoin is posting significant gains alongside the majority in the Altcoin market
  • At the time of writing, DOGE was exchanging hands at $0.1882, up 10.51% on the day
  • Elon Musk confirms holding Dogecoin in his portfolio

The cryptocurrency market is trading in the green after yesterday’s widespread declines. Dogecoin is posting significant gains alongside the majority in the Altcoin market. At the time of writing, DOGE was exchanging hands at $0.1882, up 10.51% on the day. Ranking 8th largest, Dogecoin market capitalization sits at $24.39 billion and $4.1 billion in traded volume over 24 hours. Speaking at “The ? Word” — a virtual Bitcoin (BTC) event with Twitter CEO Jack Dorsey, Elon Musk says on Dogecoin “The #Doge community has great memes and loves dogs, and I love dogs and memes” while stating that the most ironic and entertaining outcome would be Dogecoin. Musk also confirmed holding Dogecoin in his portfolio asides from SpaceX and Tesla stocks.

Key Levels
Resistance levels: $0.4000, $0.3500, $0.3000
Support Levels: $0.1700, $0.1357, $0.1004

DOGE/USD Daily Chart: Ranging

DOGE/USD Daily Chart

DOGE is moving upwards today after the bounce off the MA 200 at $0.181 and a three-day bearish run. The declines to lows of $0.159 on July 20 opened the way for a positive structure on the daily timeframe. The RSI is pointing up near the neutral threshold of 50. In case the bulls hold control, the price is ready to meet the $0.238 barrier before meeting the MA 50 at $0.262.

Surpassing this heavy border, the DOGE/USD pair may jump for the $0.46 barrier before heading towards the $0.60 level and the $0.76 all-time high, registered in May. Otherwise, a dive beneath the MA 200 could send the bears towards the 0.15 crucial level, where the bulls may resume a positive climb.

DOGE/USD 4-Hour Chart: Ranging

DOGE/USD 4-Hour Chart

Price action has so far bounced off lows of $0.159 past the MA 50 at $0.183 but buyers will need more assurance to commit again. Conquering the $0.214 handle, buyers face an early resistance from the $0.224, which coincides with the 50-day SMA. Surpassing this heavy border, the DOGE/USD pair may jump for the $0.288 barrier before heading towards the $0.44 level.

Should buyers gain additional ground, the bulls may revisit the resistance zone of $0.60 until the all-time highs of $0.76. If sellers re-emerge and drive the price down, the MA 50 at $0.18 could provide initial limitations ahead of the $0.168 ahead of the $0.159 Low. Concluding, DOGEUSD appears to hold a neutral bias between the restraints of $0.18 and $0.22. A clear break of these boundaries could reveal the next price direction.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

The post DOGE Price Analysis: Rebounds From Lows, Elon Musk Admits He Owns Dogecoin at B-Word Event appeared first on Latest Crypto News.


DOGE Price Analysis: Rebounds From Lows, Elon Musk Admits He Owns Dogecoin at B-Word Event was first posted on July 21, 2021 at 8:27 pm.
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