Key Takeaways:
- Dogecoin price has been on a massive bullrun over the past seven days.
- DOGE value has rocketed by 153%, thanks to the Dogefather.
NEW DELHI (CoinChapter.com) — Elon Musk’s favorite meme token is rocketing, as the price of Dogecoin jumped 153% within a week. The Dogecoin stock price rallied from Oct 25’s low of $0.059 and reached Nov 1’s intraday high of $0.15.
The strongest reason behind the Dogecoin value hike is investors’ belief in Elon Musk’s plans for a DOGE-inclusive Twitter. Musk has always been a vocal proponent of the meme token, highlighting DOGE’s value as an alternate currency multiple times.
The meme token has left the world’s two largest crypto tokens, Bitcoin (BTC) and Ethereum (ETH), far in the rearview mirror regarding weekly gains. Moreover, the rally helped the DOGE coin overtake Cardano to become the eighth-largest crypto by market cap.
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Furthermore, more than 62% of Dogecoin holders are now in profit, with the number set to increase as dogecoin value continues rising. Dogecoin Twitter space came alive with fans and investors celebrating the token’s rally.
Crypto trader Bluntz remained profoundly bullish on the prospects of Dogecoin. The analyst stated he might swap his Bitcoin for DOGE tokens, speculating a bull run “for the next few months at least.“
Rumors of Musk making plans for a blockchain-based Twitter and a mechanism to fight spam and bots on the social media platform using DOGE incentives were doing the rounds earlier. However, the Tesla CEO discredited the idea himself.
But, allowing DOGE payments for Twitter blue subscriptions might be likely, considering Musk has implemented Dogecoin payments for Tesla merchandise.
DOGE price has often benefitted from being in the Dogefather’s good graces.
Dogecoin Price Prediction: Bulls Strong, But Overbought RSI A Risk
DOGE price today (Nov 1) reached an intraday high of $0.159 before traders started booking profits. Bears seem to be aggressively defending the $0.155 resistance while bulls push ahead, taking cues from the recent Dogecoin news.
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Meanwhile, the bullrun resulted in Dogecoin’s relative strength index becoming overbought, with a current value of 90.36 on the daily charts. Traders often consider an overbought RSI a sell signal, which is likely the reason behind the long upper wicks on the DOGE daily candles.
If the sell-off continues, DOGE price could fall to support near $0.125. Moreover, a break below immediate support could see Dogecoin token price test support near $0.107 before recovering.
However, the uptrend also saw Dogecoin price form two golden crosses, bullish indicators that form when a short-term moving average crosses above a relatively longer-term moving average.
For DOGE, a golden cross formed between its 20-day EMA (red wave) and 200-day EMA (green wave) on Nov 1. The meme token formed another golden cross on Oct 31, between its 50-day EMA (purple wave) and 100-day EMA (blue wave).
Bulls might try to push DOGE above immediate resistance near $0.155. A break and hold above immediate resistance might help DOGE price rise to resistance near $0.179 before downside corrections pare gains.
Interest in Dogecoin continued rising, with searches like “buy dogecoin on eToro” trending on Google. In addition, the pump has awakened interest in other cryptos too, with “how to buy bitcoin on eToro” also trending on Google.
eToro is an Israeli social trading and multi-asset investment company.
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