The DOGE price has been declining alongside other cryptocurrencies, including BTC, as it started the new week below $26,000. Currently trading at $0.0632, DOGE has remained relatively unchanged over the past 24 hours.
Investors are closely watching the support level at $0.06, and if it holds strong, they are likely to show confidence in Dogecoin by taking long positions ahead of the release of Elon Musk’s highly anticipated biography. However, before reaching the next hurdle at $0.07, the short-term resistance at $0.064 needs to be overcome.
The presence of the 100-day Exponential Moving Average (EMA) at $0.07 suggests that bullish momentum may face some challenges.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator confirms the growing bullish sentiment. If this signal is sustained, it could lead to increased trading volume and validate a potential rally towards highs above $0.1.
Support for DOGE can be found between $0.06 and $0.062, with an additional lower ascending trendline providing further backing. It is crucial to defend this trendline to maintain the upward trajectory. A break below the upper trendline in August resulted in a persistent slide to $0.056.
Keeping DOGE above the trendline is essential for the resumption of the uptrend, potentially pushing the price towards $0.07 and even $0.1. However, a loss of this support could lead to a delay in recovery and potential losses down to $0.054 and $0.044.
It’s worth noting that DOGE price is currently below all three key moving averages on the daily chart: the 50-day EMA, the 100-day EMA, and the 200-day EMA.
The upcoming release of Elon Musk’s biography, written by Walter Isaacson, has sparked speculation about a potential DOGE price rally. Musk’s close association with Dogecoin and rumors of his secret funding for the project have fueled these speculations. The biography is expected to shed light on Musk’s influence on DOGE, which has historically been impacted by his comments and actions.
There are also speculations about whether Dogecoin will be considered for crypto payments on Musk’s social media platform, X. Such a move could potentially cause the price to surge. Adding to the speculation is Musk’s recent statement that X will “never” launch its own native token.
