Dogecoin Price Analysis: Doge Sees A Black Friday Rally

• Doge has observed a strong gain with the heat in the Twitter space. It climbed to 8th in the CMC crypto ranking
• Dogecoin may see a slight downtrend before the next upside momentum. DOGE/BTC pair has seen a drop of 2.62%

The popular meme coin DOGE has seen a black Friday pump despite the market being downtrend. Bitcoin and Ethereum have not shown much momentum, but the meme coin has seen a significant move this weekend. The reason behind the DOGE rally can be attributed to Elon Musk looking to launch a new phone as per his Twitter. Many crypto enthusiasts speculate that Elon musk and Vitalik Buterin are working together for a major upgrade in the Doge. The rally of the DOGE has pushed it to 8th place in the CMC market ranking of cryptocurrencies.

DOGE volume has seen a drop of 48% in the past 24 hours and has a market cap of 12.02 Billion. The DOGE’s volume-to-market cap ratio hints towards a consolidation near the current level.

Are Bulls Of DOGE Getting Exhausted?

Source: TradingView

The weekly technical chart of Dogecoin hints towards a weak upside trend. On coming to the daily chart, the asset price has dropped by 1.51% in the intraday session and is trading near $0.0919. Resistance of the DOGE can be seen near $0.1. Meanwhile, the coin price’s support can be near $0.07. The asset price is currently trading above the 50 and 100 DMA. It has seen a positive crossover in the past, which can push the price to a new high shortly.

Conclusion

Despite the stagnant market, DOGE price has seen a black Friday rally this weekend. Dogecoin can see the continuation of the rally in the near future and can move to a new high.

Technical Levels

Major Support: $0.07

Major Resistance: $0.1

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source