A pseudonymous analyst at Vibranium Capital stated that Dogecoin DOGE/USD has broken several resistance levels and is now on the rise.
What happened: the analyst wrote in a TradingView post, "We have broken through, resistance has turned into support and we are now heading for an extreme resistance breakout in the near term.
The analyst named a specific target and said: "We are eyeing a clear daily breakout of $0.18308. " He added: "We are looking for a breakout of $0.18308. If that happens, I believe a sustained move to $0.28-0.435-0.57 will occur within a few months.
According to TradingView on #Dogecoin , technical indicators are in favor of "buy":
The exponential moving average shows that Dogecoin's current price is higher than the average price over these periods adjusted for recent price changes, indicating that the most recent data is weighted.
Like the EMA, the simple moving average over the past 24 hours also indicates a buy signal.
The MACD level, which compares short-term momentum to long-term momentum to determine the direction of current momentum, also shows a "buy" signal. This indicates that bullish momentum is building in Dogecoin.
Why it matters: it's because Elon Musk, CEO of #Tesla and SpaceX, fueled interest in Dogecoin during his visit to Tesla's factory in Berlin on Wednesday. There he mentioned the possibility of buying Tesla cars with Dogecoin. Mr. Musk said: "Well, at some point, I think we have to allow it. " He reminded the audience that Tesla products can already be bought with Dogecoin, and concluded his comments with the slogan, "Dogecoin to the moon.
Twitter user @dogeofficialceo posted a video of Mr. Musk's remarks, but the authenticity of the video has not been confirmed.
Price dynamics: at the time of writing, #DOGE was trading at $0.18, up 7.83% in the last 24 hours.
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