DOGE Cools Off Following Twitter Hype, Tumbles 9% Daily? (Dogecoin Price Analysis)
After Twitter changed its logo to Dogecoin’s, the price spiked 36%, but it still remains under a key resistance.
Key Support levels: $0.07
Key Resistance levels: $0.11
Elon Musk did not disappoint and kept his promise to change the logo of Twitter should he acquire it. Doge rallied hard on this news, but not as much as expected, with the price yet to break the resistance at 11 cents. Elon will have to do more for that. The key support is at 7 cents.
Trading Volume: The buying volume exploded on Twitter news, but since then, sellers have dominated, placing DOGE into a correction.
RSI: The daily RSI was briefly overbought and has corrected since. So long it remains above 50 points, the bias is bullish.
MACD: The daily MACD is bullish, but the histogram is making lower highs. This pullback could be healthy, considering the recent spike in the price.
The bias for DOGE is leaning bullish.
Short-Term Prediction for DOGE Price
Despite the full weight of Twitter behind Dogecoin, the price did not rally as much as in the past when similar spikes happened. This is a bit surprising. Nevertheless, the bias remains bullish, and a test of the 11 cents resistance could happen.
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