After Elon Musk disclosed that he and Tesla still own Bitcoin, Dogecoin [DOGE] and the rest of the cryptocurrency market recovered. As numerous assets bounced off key support zones, the total crypto market worth surpassed $1.31 trillion. The volatility, on the other hand, has slowed even as the momentum has strengthened, allowing DOGE buyers to remain active above the $0.171 support level as positive sentiment returns.
Dogecoin [DOGE] was trading at $0.191 after a 0.26 percent increase in the previous 24 hours. The meme-token has a market valuation of $25.0 billion and a 24-hour trading volume of $4.10 billion at the time of writing.
Daily Dogecoin [DOGE] Price Chart:
DOGE’s price appeared to have bottomed out after contacting the support region, resulting in the creation of two green candles. The asset had been on a decreasing trend for quite some time. After the 50 DMA [Pink] had a bearish crossover with the 100 DMA [Blue], selling pressure increased. However, after the increase, the price crossed the 200 DMA [Yellow], indicating a rise in optimism. However, the Dogecoin market’s low trade volume may stifle growth.
Rebounding Indicators
All of the indicators showed an upward trend. For example, the Awesome Oscillator [AO] switched green candles, indicating a shift in bullish momentum. The Chaikin Money Flow [CMF] likewise increased before leveling off, indicating that capital outflows continued to outnumber inflows. As buying pressure increased, the daily Relative Strength Index moved closer to the 50-median line, potentially encouraging more selling in the short term. The RSI, on the other hand, showed a bullish divergence as it rose from oversold levels.
To achieve the highs set in the early days of the bull run, DOGE will have to break through the moving averages at $0.42, $0.56, and $0.69, respectively. Because of the increase in selling mood, the digital asset may test support levels of $0.171 and $0.0.48.
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