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Dogecoin Just Jumped A Fence And Has Room To Run

May 3, 2021 6:35 pm
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Dogecoin Just Jumped A Fence And Has Room To Run

Dogecoin (CRYPTO: DOGE) is up over 10% on Monday and still has room to run.

The popular Shibu Inu-branded coin has made a serious turnaround recently and cryptocurrency traders and investors have taken notice.

News Catalyst: This coming Saturday, Elon Musk will host "Saturday Night Live" and the Tesla Inc (NASDAQ:TSLA) CEO said his performance could include a skit as “The Dogefather."

This could bring more cryptocurrency enthusiasts into the Dogecoin space, which could then cause the price to increase. Because Dogecoin trades 24 hours a day, the coin can be purchased during the show.

Sentiment Change: On April 26, Dogecoin co-founder Billy Markus spoke to Benzinga about Dogecoin and pointed out the security advantages of the coin.

“I think after Dogecoin implemented AuxPOW, it became one of the most secure coins on a Proof of Work blockchain,” said Markus.

On April 21 Jason Lau, OKCoin’s Chief Operating Officer, set the stage for a dogecoin sentiment shift and told Benzinga the decision to list Dogecoin was a “testament to the coin’s legitimacy.”

Furthermore, Mark Cuban went on Twitter Sunday to advocate for Dogecoin's usability and wrote "Yes, a joke is now legit."

See Also: How To Buy Dogecoin

The Chart: Dogecoin jumped over a barricade that puts the coin back trading near all-time highs.

Dogecoin broke over resistance at 41 cents on Monday and is trading within about 7% of its all-time high of $0.448 made on April 16. The resistance near the 45-cent mark consists of just one daily candle so is not substantial enough to hold the price down for long.

Dogecoin is trading above both the eight-day exponential moving average (EMA) and the 21-day EMA, which is bullish. It is, however, extended from the EMAs trading 18% and 46%, respectively, above them.

Although Dogecoin is extended from its EMAs, the Relative Strength Index (RSI) is sitting at 69, which is not considered to be technically overbought. This indicates there is room for Dogecoin to make a further push north before needing consolidation.

Bulls want to see Dogecoin hold above the $0.411 level to make a push to, and over, its all-time high. If Dogecoin can break to a new all-time high there isn’t any price-based resistance.

Bears want to see Dogecoin fall below the 41-cent mark, which will then become resistance. If Dogecoin can’t hold that level it could revisit the 32-cent mark, although it may hold temporary support near $0.34 at the eight-day EMA.

Dogecoin trades around $0.4339 at publication time.

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