Dogecoin finds support, analysis for May 14, 2021

Dogecoin has found support in the zone around 0.40000, and after that, we are moving to the bullish side again. Looking at the graph on the four-hour time frame, we can do the following technical analysis. We can notice that the price of Dogecoin made a break outside the falling channel, folding above the upper resistance line. The break of the upper resistance line coincides with the support of the moving averages MA20 and EMA20. The price is now at 0.52950, and we are testing the MA50. With the Fibonacci level setting, we are now at 50.0% Fibonacci level, and if we see a further increase in the price of Dogecoin to 61.8% at 0.60000, where we will have greater technical resistance. For the bearish scenario, we need a pull below 38.2% Fibonacci level to 0.50000 and based on that happening, we can again expect to test the previous lower low. Looking at the MACD indicator, we see that we are in the current bullish signal, and based on it, we expect a further continuation of this trend.

Musk’s latest tweet resulted in a 26% jump in DOGE prices. Work with Doge developers to improve the efficiency of system transactions is potentially promising. TradingView responded to Musk’s tweet noting that Dogecoin’s market capitalization immediately increased in value by $ 10 billion. Dogecoin’s market capitalization sat at about $ 49 billion at 6 this morning and has since increased to $ 66.7 billion at current, an increase of nearly $ 18 billion. Another factor in the rise in prices could be the news that Coinbase plans to list the cult favorite meme coin on the stock exchange in the next six to eight weeks. Appearing on CNBC’s Mad Money show on May 13, Coinbase CFO Alesia Hass was asked, “Should investors take Dogecoin seriously?” With the stockbroker’s CFO leaving the decision to investors: platform. We want to offer all the property that meets our listing standards, and we hope to be a place where you can come and exchange anything you want to trade. ” Interest in Doge spurred the creation of various copying tokens, including Shiba Inu, Husky, and Akita Inu.