Elon Musk has once again stoked enthusiasm in the crypto community by calling himself “The Dogefather” in a tweet.
Given Bitcoin’s price performance surging past $100k lately, his statement has sparked conjecture over Dogecoin’s potential price swings. Musk’s influence in crypto is notable, often causing price swings with his public endorsements.
The connection between Musk and U.S. President Donald Trump, following Trump’s re-election, is also being scrutinized. Moreover, their relationship could indirectly contribute to Dogecoin’s rising value as the market sentiment aligns with political and financial shifts.
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Dogecoin’s Current Price and Key Resistance Levels
Dogecoin is trading at approximately $0.44859, showing a 3.2% increase in the latest session. The price is hovering near the 0.618 Fibonacci retracement level at $0.47330, often viewed as a critical resistance area in technical analysis.
The chart analysis reveals that $0.73, the previous all-time high (ATH), represents the next major resistance level.
If Dogecoin manages to breach this zone, $1 becomes the subsequent psychological target. Beyond this threshold, analysts recommend profit-taking, as rallies beyond $1 are less predictable and potentially unsustainable.
Read also: How High Can Shiba Inu Go By The End of 2024? SHIB Price Prediction
Technical Indicators Signal Bullish Momentum
Bollinger Bands, RSI, and MACD are a few indicators that point to Dogecoin’s sustained rising trend. Though caution is advised owing to potential overbought situations, the price is approaching the upper Bollinger Band, indicating positive trends.
The MACD line above the signal line supports the continued bullish feeling despite indications of waning momentum. The RSI is around 67.66, near the overbought threshold.
Overall, it seems that Dogecoin is well-positioned for future expansion, helped by Elon Musk’s strong recommendations and optimistic market attitude. The next benchmarks include retesting the all-time high of $0.73 and possibly hitting the psychological $1 barrier, since the present price is very close to major resistance levels.
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