Dogecoin (DOGE) price showed a strong rally after Tesla’s CEO Elon Musk reiterated his support for DOGE last week. The price soared more than 35% in a week, on the back of strong buying. The DOGE price skyrocketed from $0.051 to $0.077.
Interestingly, Dogecoin has seen massive trading volume in the last 24 hours, which pushed prices to rally by 12%. However, Dogecoin is now reaching an inflection point at $0.082, which will further decide bullish or bearish momentum in the upcoming weeks.
Dogecoin (DOGE) Price Reaches Inflection Point
Dogecoin was trading in a range near the $0.08 level for a long time since May. Moreover, bulls have passed the $0.073 mark, from which Dogecoin may proceed to test the daily 50-EMA barrier at $0.082. Thus, it has now become the inflection point for DOGE.
If the Dogecoin (DOGE) price successfully moves above the inflection point at $0.082, bulls will take charge to push the price to the next resistance level at $0.1090. However, if the price fails to stabilize above the inflection point, a bullish rally could be invalidated. It would result in prices falling below $0.068, the 9-day exponential moving average.
Currently, Dogecoin shows struggles to maintain above the $0.073 level as it faces selling pressure. Therefore, investors need to closely monitor Dogecoin and its upcoming corrections.
