Dogecoin analysis for April 29, 2021
Looking at the graph on the one-hour time frame, we see that Dogecoin found support at 0.25000, then climbed to 0.35000, and is now consolidating around 0.31000. We are seeking support currently at 0.30000. On the chart, we can form a smaller growing channel, and based on it, we can monitor and analyze the movement of Dogecoin, at least in the short term.
We see that the MA50 is currently more stable support compared to other moving averages from moving averages. We expect to continue consolidating around 0.30000 until we get closer to the bottom line of support. Break below will then give us a cleaner bearish signal. At the same time, if we see rejection and positive consolidation, we continue to the bullish side with targets of 0.35000 and above towards 0.40000. Dogecoin (DOGE), a cryptocurrency based on memes, a favorite of Elon Musk, has the next date for its price diary .
In a yesterday tweet, Musk described himself as “The Dogefather” as he prepares to host a popular American TV show on May 8. Musk is known for his PR stunts when it comes to Dogecoin, and social media posts often cause prices to rise, which has also benefited Bitcoin (BTC). A well-known scenario for Dogecoin fans, Musk’s latest round of publicity immediately spurred the recovery of DOGE / USD, which rose by 20% in hours at the time of writing.
The last drop in bitcoin prices cost the altcoin sector dearly, with DOGE reaching its lowest level since a recent record high of $ 0.47. Musk partly caused that peak, who promised to “put the literal Dogecoin on the literal moon” with the latest rocket launch of one of his companies, SpaceX. Last week, there was an improvised “holiday,” called “Dogecoin Day,” an attempt to increase the price of DOGE to stratospheric 4.20 dollars at the time of launch, which in the end was almost far from expectations.
User Review( votes)
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.