Doge Price Makes Moves for the Moon With 210% Increase

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Doge is famous in the cryptocurrency world. A fork of Bitcoin, it is one of the earliest cryptocurrency projects. It has been the reason for many individuals entry into the cryptocurrency world and has been called the ultimate tipping coin. It has an enormous supply, and the codebase has not been updated in three years.

Around $0.002 has long been an important support level for Doge. The coin tends to trade just above this point in a tight range on low volume. With a bullish week for the cryptocurrency market last week, Doge made some exponential upward moves near the end of the week. Price for Doge increased from around support at $0.002 to a week high of almost $0.007. Coin holders and traders are likely to be taking some profits now after the 210% increase with the price now undergoing a reversal.

Doge Daily Chart Source: Tradingview.com

Price is currently trading around $0.0052. The initial reversal saw price come back down to $0.0043, but there have been some appreciations since. The price drop failed to break through the 100EMA meaning this may act as a short-term support level. After the exponential increase, another significant pullback could be likely, but there are also some signs pointing towards bullish movements.

Recent price action has shown hourly price and RSI forming higher highs and higher lows. The hourly MACD is also approaching a centerline crossover to the upside, a bullish signal. With most altcoins generally following the direction of the market, a lot will be likely to depend on whether we have a bullish or bearish week for cryptocurrencies this week. Outlook is currently neutral.

Doge Hourly Chart Source: Tradingview.com

Key Takeaway:

  • An exponential increase in the price of Doge at the end of last week.
  • A big reversal in price occurred as traders are likely to be taking profit after the 210% increase.
  • The outlook from here is neutral and most likely depends on the direction of the overall market.
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Doge Price Makes Moves for the Moon With 210% Increase was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.