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Elon Musk finally bought Twitter in a $44 billion deal.no one gets excited about the news dogecoin (DOGE/USD) Investor. At the time of writing, DOGE surged his 7% to over 41% in total profit. Buyer interest was so strong that weekly profits followed a near parabolic pattern. Will the token continue to rise?
The biggest indication is that DOGE continues to rise after overcoming key resistance levels. Of course, as long as Musk’s enthusiasm for the Twitter acquisition continues, it’s unlikely that DOGE’s investors will pull out. On Twitter and Stocktwits, a popular social trading platform, an excited retail investor has raised his DOGE to $1.
DOGE users were even more optimistic after Twitter announced Thursday that it was testing “NFT TweetTiles”. Become. Investors speculate that the announcement will pave the way for him to use DOGE as a payment instrument.
Source TradingView
Technically, the bulls have a real test of DOGE at $0.08. This is the level at which the price coincides with the 200-day moving average. DOGE has not closed above the 200-day moving average since November 2021.
If buyers cross the critical zone, they may welcome the DOGE bull market. This will depend on a number of factors, including developments surrounding the Twitter acquisition. Crypto sentiment is also a factor.
Looking at the RSI, DOGE is significantly overbought. A possible correction could bring the token back to support from the $0.07 resistance.
DOGE is overbought at the intersection of price At the 200-day moving average, buyers are still relentless. The price has just broken above the 200-day moving average. Until the daily candlestick closes, it’s still not enough to call it a breakout.
With or without a price correction, attention will be focused on whether the bulls break out of the 200-day MA. A possible breakout and positive development could be a welcome note of a sustained bullish surge.
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