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How High Can DOGE Surge Following Elon Musk’s Latest Tweets? (Dogecoin Price Analysis)

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Dogecoin’s price exploded once more as soon as Elon Musk tweeted about his Shib Inu dog wearing the Twitter logo in celebration of Halloween.

Dogecoin Price Analysis

Key Support levels: $0.11 

Key Resistance levels: $0.19

Dogecoin’s rally seems to take no breaks and is about to double again at this rate. The previous resistance at $0.11 has turned into support, and the next target is now $0.19. This parabolic ascent started when it became clear that Musk will acquire Twitter and only intensified due to speculation that Dogecoin could become integrated as a payment mechanism on the social media platform.

Chart by TradingView

Technical Indicators

Trading Volume: The volume continues to remain high, and buyers dominate the chart.

RSI: The daily RSI is now above 90 points. The last time this happened was during the 2021 rally. Dogecoin is in the overbought area, but during such moments the RSI is a poor indicator for a top.

MACD: The daily MACD is bullish and continues to move higher. There are no signs of weakness at this time.

DOGEUSDT_2022-11-01_12-47-00
Chart by TradingView

Bias

The bias for DOGE looks very bullish.

Short-Term Prediction for DOGE Price

Dogecoin is the current market leader in terms of performance and has managed to get back into the top 10 cryptocurrencies by total capitalization, beating Cardano and Solana to the 8th place. Should the resistance at $0.19 fall, then DOGE will aim to reach $0.30 next. Buyers also need to be careful because such parabolic moves can have an equally powerful drop once sentiment shifts.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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