As the weekend approaches, the cryptocurrency market is on a roller coaster ride. BTC spikes past $38k after Elon Musk’s #bitcoin moment. Dogecoin had an incredible rally fueled by posts and tweets from r/Wallstreetbets traders on Twitter and Reddit. An explosive upswing pumps DOGE/USD to record highs of $0.0736, shocking many with the gigantic price movement. Following the recent breakout, DOGE is up by nearly 151.08% daily and 459.03% weekly to rank the 12th largest cryptocurrency by market cap. Dogecoin’s market valuation stands at $6.1 billion with $29 billion in trade volume over the past 24 hours. DOGE has an available coin supply of 128 billion, which is among the highest-circulating supplies of all coins. At the time of writing, DOGE is exchanging hands at $0.0490 after a retreat from intraday highs of $0.0736. Dogecoin becomes the most tweeted cryptocurrency of all time, surpassing BTC tweet volume for the first time. TheTIE indicated that Dogecoin flipped previous tweet records for Bitcoin set on Jan. 2, 2021, and Dec. 22, 2017.
*Dogecoin had an incredible rally fueled by posts and tweets from r/Wallstreetbets traders on Twitter and Reddit
*DOGE is exchanging hands at $0.0490 after a retreat from intraday highs of $0.0736
*TheTIE indicated that Dogecoin flipped previous tweet records for Bitcoin
Key Levels
Resistance Levels: $0.9050, $0.0736, $0.0558
Support Levels: $0.0400, $0.0200, $0.0110
DOGE/USD Daily Chart: Bullish
DOGE/USD Daily Chart
Dogecoin began its explosive rise on Jan. 28 after it embraced support at the daily MA 50 close at $0.0074, setting a new yearly high of $0.0736 on Jan. 29. The RSI is presently overbought therefore a correction may ensue in the coming sessions. DOGE is trading at $0.0490 up from intraday lows of $0.022.
A further decline from current price levels may bring the support at $0.04 into the picture, this could serve to cushion further losses. If this fails, DOGE could see its declines extend to $0.0350 and $0.022 support. On the contrary, bulls could buy the dip at $0.04 and renew the uptrend for gains. In this scenario, a retest of the $0.0736 high is most likely before a run-up to $0.1.
DOGE/USD 4-Hour Chart: Bullish
DOGE/USD 4-Hour Chart
On the 4 hour chart, DOGE turned down from the overhead resistance at $0.0736 and dropped to $0.035 where the bulls defended support. Dogecoin also formed a short-term resistance at $0.068 as seen in a subtle price rejection from this level. A sustained breakout past the minor resistance at $0.068 to $0.0736 could renew upside gains past $0.1.
On the contrary, renewed selling on DOGE/USD may drag the pair below the $0.04 support and the bears will now try to break the $0.035 support. If they manage to do that, this may result in a fall to $0.022 and then to $0.0138 at the MA 50. The DOGE/USD pair is only bullish while trading above the $0.035 mark, key resistance is found at the $0.0558 and the $0.0736 levels.
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