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Dogecoin (DOGE) Sees 20+% Price Increase In Just 24 Hours

Cryptocurrency Oct 27, 2022 03:30AM ET
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© Reuters Dogecoin (DOGE) Sees 20+% Price Increase In Just 24 Hours
 
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  • DOGE is currently trading at $0.07991 after a 21.44% increase in price.
  • Elon Musk’s advancements in the Twitter acquisition could be a contributing factor.
  • DOGE’s price increase managed to help the crypto rise through two major resistances.

Dogecoin (DOGE) price saw a rise in the past day, following a green candle on October 25. It is expected that broader market cues and Elon Musk are the main reasons for this rise in price for the meme coin.

According to CoinMarketCap, DOGE is currently trading at $0.07991 after a 21.44% increase in price over the last 24 hours. The crypto is also in the green by more than 30% over the last week. The crypto market cap was also able to cross above the $1 trillion mark. Many believe that this was also a factor in DOGE’s price rise.

Another factor that contributed to the meme coin’s success over the last two days is Elon Musk’s advancements in the Twitter acquisition. Although Elon’s visit to the Twitter HQ has no correlation to Dogecoin, his influence on the assets price came into play once again.

Reportedly, this Twitter deal is finally reaching its end after six months. It is expected to be done on Friday, October 28.

DOGE / USD 1-Day chart (Source: TradingView)

From a technical standpoint, we see that DOGE’s price increase managed to help the crypto rise through two major resistances, the 50-day Simple Moving Average (SMA) and the 100-day SMA. These levels form solid supports and have supported the price of DOGE in the past.

On the other hand, all of the buying pressure has led to the meme coin being in overbought territory, which means that the price could see a bit of a cool down.

Dogecoin Whale Transaction Volume (Source: Intotheblock)

In addition, DOGE’s price rise could trigger whales to become active again, given that the price does not slip on the charts.

Many believe that if DOGE continues its current heading, it could reach the price of $0.08. This price level has not been tested in five months.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Dogecoin (DOGE) Sees 20+% Price Increase In Just 24 Hours appeared first on Coin Edition.

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Dogecoin (DOGE) Sees 20+% Price Increase In Just 24 Hours
 

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