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Dogecoin DOGE/USD is trading at $0.05979, up 1.28% over the past day and up 0.75% over the past week.A possible reason for the rise is dog chaina smart contract platform inspired by dog-themed tokens.
Dogechain DC/USD is up 25% over the past day and 200% over the past week. Although DC is different from Dogecoin, it may also have less trading volume than DOGE. During the period, trading volume increased 37% to $216,705,178. Elsewhere, the excitement over Dogecoin seems to have faded, but Elon Musk’s Twitter deal could bring blockchain back to life.
A legal battle-damaged takeover offer is expected to revive DOGE. Early on in this effort, Musk hinted at the possibility of using his DOGE in his Twitter transactions.
Finally, Dogecoin’s mining hash rate has risen again. It hit a seven-month high last week. According to Coinwarz, the metric, which is computing power to create cryptocurrencies, was reported at 815 TH/s. This trajectory is poised to drive the price of digital assets higher. In addition to positive sentiment, DOGE is on the lower end of the consolidation.
Source: Trading View
From the daily chart above, DOGE/USD has bounced back from support but continues to hold consolidation. The pattern of highs of $0.065 and lows of $0.0.0578 has remained intact since September 6th. The RSI, a momentum indicator of speed and price change, is approaching the neutral level of 46. Similarly, the MACD shows a weak signal and is almost neutral.
A bullish reversal is minimally possible even as Meme Token maintains support. Sentiment, however, can change on price above the resistance. Still, the momentum indicator turned bullish, buy entry.
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