Why Dogecoin Price is Raising High? It is a Short-Term Bounce or a Healthy Upswing? – NewsTo
Why Dogecoin Price is Raising High? It is a Short-Term Bounce or a Healthy Upswing?

Why Dogecoin Price is Raising High? It is a Short-Term Bounce or a Healthy Upswing?


Dogecoin experienced enhanced volatility in the past few days as Twitter CEO, elon musk , changed the Twitter logo to the DOGE-based logo. This amplified the token’s value, which almost surged beyond $0.1. However, no sooner than the original logo was restored, bearish sentiments coiled around the DOGE price, slashing it hard to its previous levels.

The crypto markets, after recording a notable bullish week, appear to have triggered a minor pullback. One of the important reasons could be, Elon Musk’s revealing in an interview that various U.S. government agencies have full access to Twitter users’ activity, including DMs. Soon after this, Bitcoin price dropped below $30,000 while Ethereum price continued to trade above $2000, and Dogecoin appeared to be preparing for larger price action very soon.

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DOGE price soared high and also dropped equally to its previous levels in the next few days. While the market participants believed that the DOGE mania has faded away, the price has now pulled a significant leg up and appears to be poised to reach beyond $0.1 and achieve $0.11 in the next few days. 

The RSI of Dogecoin may raise some concerns as it has reached the higher overbought levels wherein the possibility of a bearish pullback hover. Therefore, the price may drop back to the lower trend line, if the RSI drops and further trigger a significant upswing after undergoing a rebound. However, a drop below $0.08 may invalidate the bullish thesis while a breakout beyond $0.1 may certify a bullish breakout. 



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