The price of Dogecoin increased when the price of other cryptocurrencies recovered. Bitcoin has broken through $50,000, a significant resistance level. The Dogecoin price stayed stable on Tuesday, as the so-called meme currencies maintained their momentum. DOGE climbed to a new high of $0.2487, the highest since September 17. From its lowest point in September, and is up by 5 percent.
Why is Dogecoin Price rising?
In the last 24 hours, the price of Dogecoin has risen. First, investors reacted positively to a tweet from Elon Musk in which he mentioned his dog, Floki. This tweet was interpreted as positive for Shiba Inu, the Dogecoin-killer, whose price had risen by more than 50%.
Also Bitcoin, being the most valuable cryptocurrency by market capitalization, plays a critical role in influencing market mood, forcing other digital assets to follow suit.
DOGE’s price rose even higher after Mark Cuban, a billionaire and another prominent booster, complimented the cryptocurrency in a recent interview.
Cuban remarked, “There’s a lot of people paying [with] Dogecoin. We sell thousands and thousands of dollars per month during the off-season, and once the season starts I expect that to happen per week in Dogecoin – and that’s really because it’s easy to spend, it doesn’t appreciate so much that people want to hold it forever.
With a large buying volume, Dogecoin is at a strong support zone. The trading volume has been at its highest in almost a month, implying that bullish traders should expect continued strong momentum. The positive perspective is provided by the MACD indicators, with the above signal line indicating a purchase signal.
The price of Dogecoin is holding above the pivot point of $0.214 and the first resistance level of $0.233. Increased purchasing pressure might lead to a test of the second resistance level at $0.246 in the near future, with a break above that level pushing DOGE over the crucial $0.25 mark. The RSI is currently at 52, indicating that the price can go up or down based on public sentiment.