The price of the Dogecoin rose when the price of other cryptocurrencies recovered. Bitcoin broke through the $50,000 level, which is a significant resistance level. Dogecoin price remained stable on Tuesday, as meme coins maintained their momentum. DOGE stock soared to a new high of $0.2487, the highest since Sept. 17. From its lowest level in September, it rose 5 per cent.
Why is the price of Dogecoin rising?
In the past 24 hours, the price of Dogecoin has gone up. First, investors reacted positively to a tweet from Elon Musk in which he mentioned his dog Floki. This tweet was interpreted as positive for Shiba Inu, the Dogecoin slayer, whose price has gone up by more than 50%.
Bitcoin, as the most valuable cryptocurrency by market capitalization, also plays an important role in influencing the mood of the market, forcing other digital assets to follow suit.
The price of DOGE soared even higher after Mark Cuban, another prominent billionaire and supporter, praised the cryptocurrency in a recent interview.
Cuban said, “There are a lot of people paying [with] Dogecoin. We sell thousands And thousands of dollars a month during the off-season, and once the season starts, I expect it to happen every week on Dogecoin – and that’s really because it’s so easy to spend, it doesn’t value so much that people want to keep it forever.
Dogecoin price:
With a large buying volume, Dogecoin is in a strong support zone. Volume was at its highest level in nearly a month, which means that bullish traders should expect the strong momentum to continue. The positive perspective is provided by the MACD indicators, where the signal line above indicates a buy signal.
Dogecoin price is stable above the pivot point at $0.214 and the first resistance level at $0.233. An increase in buying pressure could lead to a test of the second resistance level at $0.246 in the near future, with a break above this level pushing the DOGE above the critical $0.25 mark. The RSI is currently at 52, which indicates that the price could go up or down depending on the general sentiment.