The market value of the cryptocurrency market’s largest memecoin project, Dogecoin, reached its highest level of the week after the creation of a new XPayments account on platform X, which has over 100,000 followers.
DOGE surged by 12.8% in a nine-hour period on January 21 and reached the highest level of seven days at $0.08978 in the early hours of January 22.
A falling trend line is noticeable on the four-hour DOGE chart. Following the development on the X side on January 21, DOGE managed to break this trend line but failed to close the four-hour bar above it, which led to selling pressure on the DOGE front. The EMA 200 level (red line) indicates a short-term negative process for DOGE due to selling pressure.
The most important support levels to watch on the four-hour DOGE chart are, respectively; $0.08246 / $0.07961 and $0.07677. A four-hour bar close below the $0.08246 level, which played an important role in the recent selling pressure, will increase the selling pressure on DOGE.
The most important resistance levels to follow on the DOGE chart are, respectively; $0.08410 / $0.08630 and $0.08875. Especially a four-hour bar close above the $0.08875 level following a news-driven rise will accelerate the momentum of the DOGE price.
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