Bulls in DOGE Spike Price to $0.07853 In Spite of Elon Musk’s Tweet

Dogecoin (DOGE) bulls started the day with a setback, but they’ve since staged a strong rally that has nullified the day’s negative momentum. However, despite Elon Musk’s recent announcement that he will resign as Twitter CEO in order to concentrate on heading the software and server teams, DOGE was priced at $0.07853 at press time, a 6.89% spike.

This positive trend has been attributed to a 6.89% increase in market capitalization and a 155.80% increase in 24-hour trading volume, indicating that market volatility is growing.

DOGE/USD 24-hour price chart (source: CoinMarketCap)

Consistent expansion of the Bollinger Bands on the DOGE price chart is providing further support for this rise, with the upper band recently nearing $0.07890 and the lower band touching $0.07159. This change suggests the upward trend will continue. In the DOGE price chart, an increase in the spot price toward the upper band indicates that bulls are in control.

With an RSI nearing 70.00 on the 2-hour chart of prices, bullish pressure on the DOGE price seems to be increasing. However, traders should proceed with caution in the immediate term as the RSI approaches the overbought level.

In recent hours, the Stoch RSI has reached overbought levels (100.00), indicating that the current trend is nearing its conclusion; however, this does not guarantee that prices will rebound higher and instead acts as a caution to traders.

DOGE/USD 2-hour price chart (source: TradingView)

Having crossed over the signal line at 0.00098, the Moving Average Convergence Divergence (MACD) indicator provides further confirmation of the bullish trend in the DOGE market. This upswing in the DOGE market is bolstered by the fact that the histogram is now in the positive region.

DOGE prices have the potential to surge to considerably higher levels in the immediate term if they can break through the $0.07864 barrier level. When bulls fail, though, bears might take control and push prices to a close at or below the day’s low of $0.07351.

DOGE/USD 2-hour price chart (source: TradingView)

Over the last day, bulls have seized control of the DOGE market and pushed prices skyward.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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