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Why is Dogecoin Price Up Today?

Dogecoin saw significant gains during the previous intraday session. The uptrend still continues. Why?

Dogecoin has increased by over 10% in the last 24 hours. It surged to $0.16 after starting the current intraday session at $0.14. The current surge is a continuation of the previous day’s uptrend, which saw the coin gain over 11%.

A green close on May 4 will mark the asset’s full recovery from the almost 10-day downtrend that started on April 23. Nonetheless, DOGE gained over 20% in the last 48 hours, rebounding from $0.12.

The cryptocurrency no doubt experienced several bullish fundamentals in the last 24 hours.

Dogecoin Volume Soars by 131% on Tesla News

Tesla recently updated its updated its payment methods to include DOGE. The electric car manufacturer finally implemented its long-time vision of accepting the cryptocurrency as payment for its services.

However, some FAQs from the car company suggest that all of its products will feature this payment method. According to a post in its support section, all eligible Tesla products will feature their prices in the coin equivalent.

The firm stated its DOGE payment page will feature traditional crypto payment steps. It’ll display a Dogecoin wallet address and the exact amount to pay. Every transaction will have a timer, and the user must restart the process after it expires.

In a nutshell, this announcement spurred the current surge the asset is experiencing. In response, investors flocked to the asset. Mostly bullish, the trading volume of assets surged by over 131% in the last 24 hours.

In other news, the crypto market has increased by almost 3% in the last 24 hours as traders take more bullish action. At $2.34 trillion, assets like CKB, DOGE, WIF, and FLOKI are the top gainers.

DOGE/USD Next Price Action

Trading at $0.15, the DOGE/USD pair is seeing a significant decline in value. This came after the coin was attempted at $0.17 but failed to gain stability.

The 2-hour chart suggests that the cryptocurrency had peak buying pressure a few hours ago. The altcoin was overbought as the relative strength index surged to 83. The current price decline is a reaction to the asset being overbought.

Nonetheless, DOGE is struggling at its first pivot resistance on the same scale. If the downtrend continues, it may drop as low as the pivot at $0.151.

On the 1-day chart, the cryptocurrency is trading close to its pivot point. Its high indicates that it flipped the level but returned below it following its correction. Additionally, the asset held on to this mark for an extended period, illustrating the bull’s aim of resuming trading over it.

Nonetheless, the moving average convergence divergence is hinting at further price surges. It’s printing buy signals as the 12-day EMA is currently in contact with the 26-day EMA. With the bullish convergence complete, the divergence will start if the bulls sustain the current buying pressure.

RSI also suggests that there is room for more uptrends. It is at 53 in reaction to the most recent hike in buying volume. It went as high as 70 during the previous bullish convergence. Its recovery from 34 to its current level gives the buyer an advantage.

The readings from both indicators indicate the continuation of the current uptrend. The bulls will attempt to regain stability at $0.17. After gaining stability above its pivot point at $0.169, it will try the next critical level, the first pivot resistance.

It will retest $0.19. However, the bears will stage several selloffs before this mark. One prominent resistance is at $0.18, as the coin retraced from this level more than once.


Gideon Geoffery