Dogecoin News: In this article, we will give general information about the current status of Dogecoin (DOGE) and how it can be followed. Dogecoin is on the rise once again, thanks to Elon Musk, after experiencing a sharp rise the previous week. At the time of writing this, DOGE/USD is trading around $0.18.
Also known as the ‘Dogefather’ on social media, Musk and his comments on DOGE caused serious fluctuations not only in Dogecoin but also in other cryptocurrencies. The recent spike was triggered after he updated his Twitter profile picture with sports sunglasses featuring a reflection of the Doge inside.
DOGE holders perceived this as a sign of increased interest in the cryptocurrency by Elon Musk, causing investors to jump in and raise its price. Dogecoin has strengthened by over 10% in the last 24 hours, but a drop of over 4% is still possible compared to last week.
DOGE Price Analysis
On the 4-hour chart, the smaller moving averages and leading technical indicators show momentum and the MACD is bullish. However, larger timeframe MAs are currently giving sell signals in line with the overall trend in the crypto market.
For now, the price is holding $0.18 just below the pivot point, but Dogecoin seems willing to stay above the immediate support level of $0.16. More buying interest could push DOGE price above the pivot and it could rise above the key $0.20 level to test the $0.21 resistance.