• Wed. Jun 19th, 2024

What holds for Dogecoin after overcoming a key resistance after Twitter acquisition?

Elon Musk has finally acquired Twitter in a $44 billion deal. No one is as excited by the news as Dogecoin (DOGE/USD) investors. As of press time, DOGE had surged by 7%, taking the total gains to more than 41%. Buyer interest was so strong that the weekly gains were nearly in a parabolic pattern. Will the token continue to go higher?

The biggest indication is that DOGE would continue to rise after overcoming a key resistance level. Of course, DOGE investors are unlikely to retreat as long as the enthusiasm around Musk’s acquisition of Twitter remains. On Twitter and popular social trading platform Stocktwits, excited retail investors were hailing DOGE to $1. 

DOGE users grew even more optimistic after Twitter said it was testing “NFT Tweet Tiles” on Thursday. The move will see digital collectibles starting to get displayed on the social platform in the Musk era. Investors have speculated that the announcement will pave the way for the use of DOGE as means of payment. 

DOGE attempting to break above the 200-day MA?

Source – TradingView

Technically, bulls have a real test for DOGE at $0.08. This is the level that the price coincides with the 200-day MA. DOGE has not closed above the 200-day MA since November 2021.

If the buyers surpass the crucial zone, it could be a real welcome of a bullish market for DOGE. That depends on various factors, including the developments around the Twitter acquisition. Crypto sentiment is also a factor. 

Looking at the RSI, DOGE is strongly overbought. A possible correction could take the token back to a resistance-turned-support of $0.07. 

Will DOGE go higher?

Although DOGE is overbought at the intersection of price with the 200-day MA, buyers are still relentless. The price has slightly breached the 200-day MA. It is still not sufficient to be termed a breakout until the daily candlestick closes. 

Attention will shift to whether bulls will break about the 200-day MA, with or without a price correction. A possible breakout and positive development could be a welcome note for a lasting bull surge. 

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