Dogecoin Price Skyrocketed 78%

Joe Morris October 31, 2022 2 min read

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Dogecoin Price Skyrocketed 78%

Dogecoin Price Skyrocketed 78% : This week, Dogecoin outpaced other significant cryptocurrencies and showed a steep rise in price on its chart.

The $0.15 barrier is now being tested by this bullish movement, which has broken through multiple resistances. A primary corrective phase may be promptly followed by such rapid growth, which is typically unhealthy.

Key points

The Dogecoin price breaks the $0.135 resistance.
The daily-RSI slope abruptly crosses into the overbought zone, indicating a correction is coming.
The Dogecoin coin has a $617.8 Million 24-hour trading volume, representing a 192% rise.
Since last week, the price of Dogecoin has increased dramatically, rising by roughly 155%. This optimistic rise is supporting by several developments, including rising whale buying, the completion of Elon Musk’s arrangement to join Twitter as CEO, and a strengthening global market environment.
As a result, the DOGE gained more market attention and became the coin trending the most this week. Memecoin currently trades at $0.15 and has experienced a 78% intraday gain. The enormous green candle broke through the $0.89, $0.11, and $0.135 resistance in a single move and is currently attempting to cross the $0.15 threshold.
However, additional expansion appears doubtful since the price has increased dramatically in a short period. Therefore, the altcoin should start a corrective phase to moderate this surge if we do not see any news updates promoting bullish development.
The 0.382 Fibonacci retracement level at $0.11 or the 0.5 FIB level at the psychological $0.1 level are potential targets for a retracement.

Technical indicator

RSI indicator: As Dogecoin’s sky-scraping demand increases, the RSI slope soars into the overbought region. A declaration to stop the bull run will take time because there is no indication of sharp divergence in the chart, which suggests that the uptrend will continue for a while.

As a result of the price explosion, the VI lines obtain a big bullish gap, boosting the possibility that an uptrend will contribute.