Why is DOGE is Pumping and How High Can it Go? Three Things to Watch (Dogecoin Price Analysis)

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Why is DOGE is Pumping and How High Can it Go? Three Things to Watch (Dogecoin Price Analysis)
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With Twitter rebranding to X and Elon Musk posting the Dogecoin logo in his bio, the price was quick to react.

Key Support levels: $0.073

Key Resistance levels: $0.085

1. The Elon Musk Effect

The price immediately took to the upside when the market saw that the richest man in the world was promoting DOGE in his bio. Moreover, Elon plans to turn Twitter or X into one of the largest payment systems, which might also include cryptocurrencies. With that in mind, DOGE is one of the prime candidates for such a roll-out.

Phemex
The Elon Effect

2. Momentum Turns Bullish

While most of the market is in red or trying to find support, DOGE entered a sustained uptrend. In the process, it turned the key resistance at $0.073 into support, and now the next target for this cryptocurrency will be found at $0.085.

DOGEUSDT_2023-07-25_10-15-49
Chart by TradingView

3. Sustained Buy Volume

The anticipation of Twitter’s rebranding has led to many speculators taking a position in DOGE in the past two weeks. Buyers dominated the chart in July, and these levels of buy pressure were last seen back in April when DOGE made a local high at 10 cents.

DOGEUSDT_2023-07-25_10-28-42
Chart by TradingView

Bias

The bias for DOGE is bullish.

Short-Term Prediction for ADA Price

With momentum picking up, DOGE might be able to reach its current target at $0.085. If that resistance will break as well, the road to 10 cents becomes clearer.

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Cryptocurrency charts by TradingView.



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