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Dogecoin Rallies After The Recent Sell-Off

·2 min read
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Dogecoin Video 14.05.21.

Elon Musk Boosts Dogecoin

Dogecoin settled back above the $0.50 level after Elon Musk stated that he was working with Dogecoin developers to “improve system transaction efficiency”.

Coinbase decided to add Dogecoin to the exchange in 6-8 weeks which served as an additional bullish catalyst.

The above-mentioned bullish catalysts offset the recent negative developments in the crypto market. Tesla‘s decision to stop accepting Bitcoin as payment for its cars due to environmental concerns put significant pressure on many cryptocurrencies.

The recent reports about U.S. Justice Department’s probe of cryptocurrency exchange Binance, which may have served as a notable bearish catalyst for the crypto market, were mostly ignored by traders, and even Binance Coin managed to get back to growth.

At this point, it looks that many traders were ready to buy a significant pullback in Dogecoin and other cryptocurrencies which shows that demand for digital assets remains strong.

Technical Analysis

Dogecoin managed to get back above the $0.50 level and is trying to settle above the resistance at $0.5350. RSI remains in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

In case Dogecoin settles above $0.5350, it will head towards the resistance at $0.5750. Dogecoin has recently made an attempt to get to the test of this level but failed to develop sufficient upside momentum.

If Dogecoin gets above $0.5350, it will move towards the next resistance at $0.60. A successful test of this level will open the way to the test of the resistance at $0.6650.

On the support side, a move below the $0.50 level will push Dogecoin towards the support which is located at the 20 EMA at $0.45. If Dogecoin declines below the 20 EMA, it will head towards the support at $0.4150. A successful test of this level will push Dogecoin towards the support at $0.3990.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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