Dogecoin presently trades down 3.17% at $0.059 following an impressive Sunday rebound. Dogecoin jumped as much as 8% after Tesla CEO Elon Musk announced on Twitter that he was going to “keep supporting Dogecoin.” He also stated he was buying the meme coin. Per WhaleStats’ report, Dogecoin ranked among the top 10 purchased assets among the biggest 100, 500, and 2,000 BSC whales in the last 24 hours. Responding to a tweet by Dogecoin’s co-founder Billy Markus, who stated his desire that people actually “use Dogecoin for something,” Elon Musk replied “Tesla and SpaceX merch, maybe more down the road.” In January, Dogecoin rose after Musk said that it could be used to buy Tesla merchandise. Elon Musk is facing a $258 billion lawsuit for promoting Dogecoin
Key Levels
Resistance Levels: $0.0800, $0.0709, $0.0654
Support Levels: $0.0500, $0.0250, $0.0150
DOGE/USD Daily ChartTechnical indicators are pointing to a favorable trading outcome in the near term. Although the relative strength index (RSI) has moved above the oversold level, the moving averages 5 and 13 have remained stubbornly negative. If the price fails to break through the MA 5 in the next few sessions, it could drop below $0.050, a level that has been tough to break past in the last 7 days.
Lower, support might be found around $0.025, with a break prompting a stronger sell-off towards $0.015. To return the market to a bullish medium-term trajectory, the bulls would have to break through the support turned resistance of $0.0800. To summarize, the outlook is bearish on the daily chart, and traders should wait for a decisive rebound movement.
DOGE/USD 4-Hour ChartDOGE/USD’s recent corrective rebound could extend to new levels above the 4-hour moving average (MA 50) at the $0.057 level following the rebound from the $0.050 region until the $0.080 confluence zone is reached. As the prior rebound from $0.050 continues, however faintly, the DOGE/USD intraday bias stays in a range.
On the other side, a breach of the next key barrier $0.075 level could indicate that the consolidation from the moving average (MA 50) is likely to continue from there. The $0.080 level may be retested. Meanwhile, a break of the $0.055 level could change the bias to the negative, expanding the range and ushering in a new fall trend.
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