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Dogecoin (DOGE), Sees a 20+% Price Rise in Just 24 Hours – CoinEdition


© Stocksak Dogecoin (DOGE) Sees 20+% Price Increase In Just 24 Hours
  • DOGE is currently trading at $0.07991 despite a 21.44% rise in price.
  • Elon Musk’s advancements in the Twitter acquisition could be a contributing factor.
  • DOGE’s price increase managed to help the crypto rise through two major resistances.

(DOGE), after a green candle on Oct 25, saw a rise in price. This rise in the price of the meme coin is likely to be due to Elon Musk and broader market cues.

CoinMarketCap reports that DOGE is trading at $0.07991 today after a 21.44% price increase over the past 24 hours. Over the past week, the crypto has also been in the green by more 30%. The crypto market cap reached $1 trillion. Many believe that this was also a factor in DOGE’s price rise.

Another factor that contributed to the meme coin’s success over the last two days is Elon Musk’s advancements in the Twitter acquisition. Although Elon’s visit to the Twitter HQ has no correlation to Dogecoin, his influence on the assets price came into play once again.

According to reports, the Twitter deal is now over after six months. It is expected that it will be completed on Friday, October 28.

DOGE / USD 1-Day chart (Source : TradingView

From a technical standpoint, we see that DOGE’s price increase managed to help the crypto rise through two major resistances, the 50-day Simple Moving Average (SMA) and the 100-day SMA. These levels provide solid support and have supported DOGE’s past price.

However, the price of the meme coin is currently in overbought territory due to all of the buying pressure. This could lead to a slight cooling.

Volume of Dogecoin Whale Transactions (Source: Intotheblock

In addition, DOGE’s price rise could trigger whales to become active again, given that the price does not slip on the charts.

Many believe DOGE could reach $0.08 if the current trend continues. This price level has not yet been tested in five years.

Disclaimer: Views and opinions as well as all information in this price analysis are published in good-faith. Readers must conduct their own research and do their due diligence. Readers are solely responsible for any actions they take. Coin Edition and its affiliates cannot be held responsible for any direct or indirect damage or loss.

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