The dog-themed cryptocurrency Dogecoin has “flew into space,” in the words of cryptographers, in light of a series of developments that took place hours ago.
Many crypto lovers who have invested in DOGE wonder why the rise and whether it will continue. In this article, we will briefly touch on the technical outlook of DOGE, and then the developments that led to the rise.
While Bitcoin and other altcoins had a quiet first day of the week, Dogecoin rose by an average of 25% within hours, reaching the level of $0.10.
DOGE, which started to rise at 20.00 on a 4-hour period, continued on its way without getting stuck at the short-term resistance level at $0.078 and the main resistance at $0.094. Based on past price action, $0.094 could be new support and $0.112 could be the bears' next resistance area.
It is possible to see volatile movements in DOGE, especially until April 20. You can read our news on the subject from the link below.
Why Did Dogecoin Rise?
Twitter owner and crypto phenomenon Elon Musk replaced the web browser icon of the social media platform with DOGE around 20:00 Turkish time.
After this event, Musk shared a humor about DOGE on his official account.