Dogecoin is one of the promising projects based in the cryptocurrency space. After the recent news of Twitter changing its logo to Dogecoin’s and Elon Musk's commitment that the digital asset should rally results in a surge in the price of Doge, Dogecoin (DOGE) is still trading below the key resistance of 11 cents, but with a promising bullish bias.
Doge’s price spiked to 36 percent after the news of the Twitter logo change, and since then the daily Trade Volume has been significantly higher as buying pressure cooled-off. However, as it appears from technical analysis, Dogecoin could remain in a bullish position if the Relative Strength Index (RSI) stays above 50 or the Moving Average Convergence Divergence (MACD) makes higher lows.
The recent news of the Twitter logo change has sparked a healthy correction in Dogecoin, with the digital asset still leaning towards a bullish outlook. DOGE may never reach the 11 cents resistance if the buyers don’t make higher bids, but the buying pressure is likely to build up, as investors are looking for a good entry point.
In conclusion, Dogecoin has cooled off after its brief surge in the market, caused by a Twitter logo change. Although it still remains below the resistance of 11 cents, the digital asset’s price is having a bullish bias following an increase in buying pressure and the RSI remaining above 50. Investors may be looking for a good entry point, expecting to reach 11 cents in resistance in the near term.
Melissa Sanchez
- 2023-04-06
Dogecoin's Bullish Bias despite 11 Cents Resistance
Dogecoin's price spiked to 36 percent after the news of the Twitter logo change and the buying pressure is likely to build up for a good entry point. The RSI remains above 50 and investors may be looking to reach 11 cents in resistance in the near term.
![CandleFocus Dogecoin-ullMarket-Cryptocurrency](https://images.candlefocus.com/Dogecoins-Bullish-Bias-despite-11-Cents-Resistance.jpg)