DOGE Price Speculators Eye Bullish Breakout Ahead of Elon Musk Biography Release
DOGE price has continued to slide in tandem with other cryptos, including BTC price, as it opened the new week below $26,000. Although relatively unchanged over the last 24 hours, the second most prominent meme coin is trading at $0.0632.
If support at $0.06 holds firmly, investors are likely to throw their weight behind the price of Dogecoin while booking long positions ahead of the release of the much-awaited Elon Musk’s biography. Meanwhile, the short-term resistance at $0.064 must come out of the way and open the path to the next hurdle at $0.07.
The 100-day Exponential Moving Average (EMA) at $0.07 implies that bulls should come ready to face a heated moment with the bulls.
DOGE Price Bullish Climb Taps Buy Signal
A buy signal from the Moving Average Convergence Divergence (MACD) indicator confirms the growing bullish influence. If upheld, the call to buy DOGE, which manifested with the bullish cross (the blue MACD line flipping above the red signal line), trading volume may start to soar, thus validating movement not only to $0.07 but a rally targeting highs above $0.1.
In addition to the buyer congestion in the region between $0.06 and $0.062, Dogecoin enjoys support at the lower ascending trendline. It must be defended at all costs. A break below the upper trendline saw DOGE price slide persistently to $0.056 in August.
In that case, keeping Dogecoin well-grounded above this trendline is critical for the resumption of the uptrend, at least to $0.07 with the possibility of an extension to $0.1.
On the contrary, losing that support would mean a delay in the recovery on top of potential losses to $0.054 and $0.044.
Traders cannot ignore the fact that DOGE price holds below all three key moving averages on the daily chart – the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple).
Can Elon Musk’s Biography Trigger DOGE Price Rally?
CEO of Tesla and the owner of X, formerly Twitter, Elon Musk is looking forward to the release of his biography written by Walter Isaacson. His close relationship with the largest meme coin has seen speculators presage a price rally.
The biography is expected to lay bare to the world Musk’s involvement with Dogecoin amid rumors of secretly funding the development of the project. According to the Wall Street Journal, the biography dissects the billionaire’s influence on DOGE.
It is not news that Musk’s comments and actions before and after buying X contributed to DOGE price swings. Speculations have continued to mount on whether the social media company will consider Dogecoin to power crypto payments on X – a move many believe could cause the price to skyrocket.
Further fueling the speculations is a recent remark by Musk, who said that X (the Everything app) will “never” launch its own native token.
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