Key Takeaways
- Following a green candle on October 25, the value of Dogecoin (DOGE) has increased recently.
- . Elon Musk and broader market indicators are considered to be the primary drivers of this increase in the meme coin's valuation.
Following a green candle on October 25, the value of Dogecoin (DOGE) has increased recently. Elon Musk and broader market indicators are considered to be the primary drivers of this increase in the meme coin's valuation.
CoinMarketCap shows that DOGE is currently hovering at $0.07991 after rising in value by 21.44% over the previous 24 hours. The cryptocurrency has gained more than 30% during the past week as well. Additionally, the cryptocurrency's current valuation was able to exceed $1 trillion. Many people think that this contributed to the increase in the price of DOGE.
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Dogecoin (DOGE) Sees 20+% Price Increase In Just 24 Hours
The market worth of the meme coins has increased over the past two days in large part as a result of Elon Musk's takeover of Twitter. Elon's visit to the Twitter headquarters and Dogecoin are unrelated, but his effect on the asset's price once again became apparent.
According to reports, this Twitter agreement is reportedly about to expire after six months. It is anticipated to be completed on October 28th. From a technical point of view, we can observe that the increase in DOGE's valuation allowed the cryptocurrency to pass beyond two significant resistance values, the 50-day and 100-day Simple Moving Averages (SMAs).
These ranges serve as strongholds and have previously helped to stabilize the value of DOGE.On the flip side, the meme coin is now oversold as a result of the entire purchasing demand, which suggests that perhaps the value may somewhat decline.
Additionally, considering that the value of DOGE has increased and has not decreased on the graphs, whale activity may have resumed as a result.Several assume that if DOGE keeps going in the direction it is now, it may eventually hit $0.08. Five months have passed since the last test of this pricing threshold.
