Dogecoin leads meme coin rebound after investor optimism
A day after Elon Musk's article, Dogecoin has been a top trending cryptocurrency.
DOGE may retake a significant support level, which might have two results.
If DOGE breaks $0.110, it might rally heavily.
Doge (DOGE) is leading the meme coin sector on a rally, up more than 8% on Monday. The top meme currency might surge massively if it completes a crucial move inside a collapsing wedge.
DOGE trends after Musk's post
Santiment data shows Dogecoin as a top crypto market trending token in the previous 24 hours. Elon Musk's article on DOGE, the Department of Government Efficiency, boosted DOGE's social media presence.
Dogecoin users linked Musk's tweet to the parody currency DOGE.
Musk's comments appeared to buoy DOGE, which pushed the meme coin sector to an 8% surge in 24 hours.
DOGE moved into a big accumulation zone where investors bought almost 60 billion tokens. A climb over this crucial zone might provide considerable support for DOGE.
DOGE might surge massively if it breaks crucial resistance. Monday's Dogecoin price is $0.103, up 8%. DOGE has had $2.45 million in liquidations in 24 hours, $175,450 of which were long and $2.27 million short.
DOGE is in a 12-hour falling wedge. This pattern of even lower tops and bottoms shows bears are losing steam and buyers are entering the market.
As the top meme currency rallies, $0.111 price resistance is important. DOGE may climb toward $0.142 if it breaks this level without a pullback. DOGE might challenge six-month resistance at $0.175 if it breaks this level.
DOGE's open interest is important for rallying. Open interest in a derivatives market is the number of unfilled long and short contracts.
To maintain purchasing momentum, DOGE's OI must expand from $480 million.
The RSI is above its midline at 59, suggesting bullish momentum.
The Stochastic Oscillator is oversold, predicting a temporary price correction.