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Elon Effect On Dogecoin Continues, DOGE Price Might See An Extended Rally Hitting These levels

2 Nov, 20222 min readAltcoins
Elon Effect On Dogecoin Continues, DOGE Price Might See An Extended Rally Hitting These levels

Every time the crypto market takes a turn for the better, participants face sore disappointment moments later.

Similarly, in the early hours today, the overall crypto market was flashing a bullish signal and all the major cryptocurrencies were trading in the green.

However, the bulls could not keep up the momentum for long. The market has turned red with Bitcoin losing 0.70% while Ethereum has lost 1.52% in the last 24hrs. This has pulled down other significant currencies as well.

However, amidst this volatility, one currency that has sustained its price stability is Dogecoin. The currency has surged more than 140% in the last 7 days.

Dogecoin Breaks $0.134

Since June, Dogecoin has been facing strong resistance around the $0.079 and $0.069 level, and the asset has been hovering near them for the past 5 months.

However, with the recent Twitter deal and other positive developments, DOGE has surged past $0.065 and attracted more demand into the market.

Also, the Relative Strength Index (RSI) has moved past the neutral 50 mark last week and since then, both RSI and OBV have been bullish which indicates good days ahead for DOGE.

The question arises: Should you be buying Dogecoin now?

As per experts, buying Dogecoin at the moment is not advisable at the present price point. However, those looking to get in on the action should consider that the liquidity zone is at $0.134-$0.142.

Apart from this, the funding rate for Dogecoin is currently positive and the Long/Short ratio is pointing towards an upward moment for DOGE in the last 24hrs.

Nevertheless, if Dogecoin decides to retest its price range between $0.134 and $0.14, it will give traders a good risk-to-reward buy-the-dip opportunity.

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