Dogecoin continues to climb for the fourth straight day since starting a positive rise from the $0.14 low on Jan. 11. Today’s 29% surge to highs of $0.217 comes after Tesla CEO Elon Musk officially announced “Tesla merch buyable with Dogecoin” in a Jan.14 tweet. The SpaceX CEO has repeatedly touted Dogecoin as a better alternative for payments compared to Bitcoin. The release of version 1.14.5 of Dogecoin Core also reduced fees for all network participants. At the time of writing, Dogecoin was changing hands at $0.191, and it presently ranks 11th largest according to CoinMarketCap data. Since Dogecoin started rising on Jan. 11, the dog-themed asset has gained nearly 55%. According to data provided by WhaleStats, an anonymous Ethereum whale acquired eight million DOGE worth $1,411,777 as the price rose today.
Key Levels
Resistance levels: $0.3500, $0.3000, $0.2254
Support Levels: $0.1509, $0.1225, $0.0500
Dogecoin started a steady increase from the $0.14 level on Jan. 11. DOGE has posted gains for a fourth straight day, moving above the MA 50 (previously barrier) at $0.177. At the time of publication, DOGE/USD is trading at $0.191, up 9.73% on the day.
As it stands, a break above the prior MA 50 barrier and then an acceleration to the upside indicates strong buying interest. The next immediate barrier remains the MA 200 at $0.227, and the $0.355 level. On the downside, buyers could be lurking around $0.134 in case of a pullback.
DOGE/USD 4-Hour ChartDogecoin spiked sharply on the 4-hour Chart to highs above $0.21. Currently, the bulls are on their way to retest the recent highs. A break past could shake out sellers and trigger a rise to the $0.35 level. The RSI remains in the positive territory despite the slight dip from overbought levels.
A break above the $0.225 and $0.300 levels could start a decent increase towards the $0.350 level in the short term. On the downside, immediate support is near the $0.180 level. Major supports remain at the MA 50 and 200 at $0.158 and $0.17 respectively. Below here, the DOGE/USD may seek support next at $0.145.
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