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DOGE has added nearly 40% to its value after Twitter payment speculation.
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Dogecoin is the best performer amongst the top 20 cryptocurrencies over the past seven days
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The leading meme token could move toward the $0.110 resistance level in the near term.
DOGE, the native token of the Dogecoin network, has been the best performer amongst the top 20 cryptocurrencies by market cap over the last seven days. It has added 38% to its value during that period and could rally higher over the next few hours and days.
At press time, the price of Dogecoin stands at $0.1029 per coin. Here is a brief outlook n Dogecoin and where it could be headed next.
What has been driving Dogecoin’s price higher in recent days?
DOGE has added nearly 40% to its value in the last seven days, more than any of the top 20 cryptocurrencies by market cap. The rally comes following speculation that DOGE would be included in potential plans for Twitter to incorporate payments.
Elon Musk is a huge fan of Dogecoin, and now that he owns Twitter, industry enthusiasts speculate that he could incorporate DOGE payment option on the social media platform.
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta
— Elon Musk (@elonmusk) November 27, 2022
What’s the outlook for the Dogecoin price?
Dogecoin is one of the top 10 cryptocurrencies by market cap and has rallied by 38% in the last seven days. If the market momentum is maintained, DOGE could move toward the $0.15 resistance level over the next few days.
The leading meme coin has been outperforming the broader market in the last seven days. However, with the speculation now quiet, DOGE could need the support of the broader market to attempt a rally toward the $0.20 psychological level.
Dogecoin technical analysis
The DOGE/USD 4-hour chart is bullish as Dogecoin has been performing well over the last 24 hours. The technical indicators show that DOGE is outperforming the broader crypto market.
The MACD line has been above the neutral zone over the last few days, indicating that the bulls are currently in charge. The 14-day RSI of 74 also shows that DOGE is heading toward the overbought region.
If the rally continues, DOGE could move past the first major resistance level at $0.12499 over the next few hours or days. However, it would need the support of the broader crypto market to rally toward November’s high of $0.15327 in the near term.
How to buy Dogecoin?
Follow these simple steps to buy Dogecoin:
Step 1: Open an account with the eToro trading platform:
Visit the official eToro website and open an account.
Step 2: Fund your account:
Fund the newly-opened eToro account with your local fiat currency. You can deposit as much as you desire.
Step 3: Start trading Dogecoin:
You can start trading Dogecoin.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more