Investing.com – Billionaire Elon Musk’s currency in the crypto market returned to a marathon of insane heights again, as it jumped to outperform the largest digital currencies during Tuesday’s trading.
Dogecoin’s price skyrocketed 15% in an instant, amid speculation that Twitter CEO Elon Musk is merging his social media platforms.
According to the news, after the pumping and dumping in the past two days, whales and market movers continued to buy DOGE by the millions amid potential push support on Twitter.
The meme token saw two huge spikes, with the price jumping over 17% in the last 48 hours. Dogecoin suddenly saw a 10% surge on Sunday and the price jumped from $0.090 to $0.099.
On Tuesday, the price of Dogecoin rose again by more than 15% from $0.093 to $0.104.
According to Lookonchain data a large whale transferred 300 million DOGE worth roughly $30 million from Robinhood’s portfolio. As a result of this transaction, Dogecoin’s price suddenly increased by more than 50% in the past five days.
Another big deal to move 200 million DOGE worth almost $20 million has been reported by Whale Alert.
Recently, there has been speculation about Dogecoin being incorporated into Elon Musk’s plan to develop Twitter.
Crypto Twitter has speculated that Elon Musk will merge his favorite cryptocurrency, which has caused a sustained upward movement in the last 7 days.
Dogecoin price is currently trading at $0.102, after a 10% jump in the last 24 hours and a 40% jump in a week, while the 24-hour low and the highest price of Dogecoin are at $0.092 and $0.104 respectively.
While the Dogecoin currency jumped during the past five days from levels of $ 0.07 to levels of $ 0.1047 during trading today, Tuesday, to jump to the eighth place among the largest currencies in the market through 14 billion dollars.
Dogecoin rose within 24 hours from levels of $ 0.09145 to levels of $ 0.1047, an increase of about 15%, while the currency rose within 40% within a week and by 75% within sixty days.
When Dogecoin reached historical peak levels, it succeeded in reaching levels of $0.85 in the middle of last year, and then rose from the bottom by more than 26,000%, but it is now declining since the beginning of the year within the limits of 40%.
DOGE price is trading above its 50- and 200-day exponential moving averages (EMAs), outperforming Ethereum, according to crypto market analysts.
In the higher time frame, Dogecoin price is looking strong, with a possible outcome of an upward movement if the market remains optimistic.
Despite the bounce and uncertainty surrounding the market, the FTX fiasco continues to act as a catalyst for the market to bottom out.
The domino effect of FTX Chain and other large investors has stalled the market, as it has yet to make a major move, raising concerns about the direction of the market.
Caution is a must
Despite the comfortable rebound across the market, with the price of DOGE rising from the weekly low of $0.08 to the high of $0.104, the cryptocurrency market is still unstable and volatile, which is affecting the price of DOGE.
With so much news of an imminent surrender of all crypto assets along with FTX and other crypto projects suffering bankruptcy, the bottom could be close.
DOGE price posted a weekly closing below a crucial area of $0.09 after showing a lot of strength to rise from the weekly low of $0.08 to the high of $0.088, because the price was not able to breach above $0.15.
As DOGE price is looking bullish on a lower time frame, the price could rise to as high as $0.15 if the market regains its comfortable bounce.
resistance and support
DOGE price remains significantly strong in the daily time frame after closing above $0.088. With DOGE price targeting to clear the $0.12 area, we could see a further rally in the price to as high as $0.15.
DOGE price is currently trading at $0.12 above the 50 and 200 moving averages, supporting DOGE price from falling to $0.09.
If DOGE price breaks out and settles above 38.2% Fibonacci level, we might see more price hike for DOGE price, which indicates more buy orders and the bulls are in control.
If DOGE price fails to reverse, the $0.11 area corresponds to 50% of the Fibonacci value; We could see the price retest $0.1 or lower depending on market sentiment.
DOGE daily price resistance – $0.12.
DOGE price daily support – $0.09.
The article does not express a recommendation or nomination, but merely monitors the fluctuations of the market, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, noting that it is not fully subject to the bodies and markets.