Dogecoin (DOGE) Gains 35%; Here’s Why Overcoming This Zone Is Crucial

Dogecoin responded with a massive upside after Elon Musk emphasized his DOGE support last week. The original meme coin gained over 35% within a week, following impressive buying by enthusiasts. DOGE saw its price climbing to $0.077 from $0.051.

Surprisingly, the canine-themed crypto has witnessed colossal trading volume within the past 24 hours, which triggered a 12% rally in prices. Nevertheless, the alternative nears the $0.082 inflection point. This value area will decide DOGE’s fate within the coming weeks.

DOGE Reaches Inflection Point

Dogecoin has traded inside a range around the $0.08 mark for most sessions since May. Meanwhile, bulls have pushed beyond $0.073, opening the road for Dogecoin to test its daily 50-Exponential Moving Average at $0.082. That made the level an inflection zone for DOGE.

Meanwhile, Dogecoin price moving beyond the mentioned inflection level will see bulls amplifying their efforts, propelling DOGE towards the resistance mark at $0.1090. Nevertheless, losing grounds beyond the inflection level might cancel the potential bullish rally. That would see Dogecoin plummeting towards the 9-day EMA at $0.068.

DOGE indicates struggles to steady beyond the $0.073 mark, encountering selling momentum. Thus, investors should watch the alternative token and possible corrections in the coming sessions. Meanwhile, a decisive move past the $0.82 inflection point will propel Dogecoin to $0.1090. This area also represents a horizontal resistance zone.

Therefore, enthusiasts might expect DOGE to print a local peak in this area. The Relative Strength Index has seen a surge amidst soared buying within the past week. The indicator stayed at 56.37, surpassing the neutral level within the past 24 hours.

Musk Effect Pushes DOGE Higher

Despite the $258 billion suits calling DOGE a Ponzi scheme, Musk has emphasized high support for Dogecoin. Furthermore, the meme coin maintained a confident upside despite the latest reports about DOGE gaining dark web traction.

Dogecoin’s trading volume saw an approximately 200% increase within the last 24 hours. However, interested investors should wait until the DOGE price surpasses the $0.082 mark. Also, traders should consider broad market sentiment to ensure profitable undertakings.

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