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Dogecoin (DOGE) Subdued After Musk Drives Attention in Previous Session

Dogecoin (DOGE) Subdued After Musk Drives Attention in Previous Session

Posted Tuesday, June 29, 2021 by
Aiswarya Gopan • 2 min read

Dogecoin (DOGE) is trading mostly steady early on Tuesday but is enjoying strong support on the fundamentals side that offer hope for a bullish mood among investors. At the time of writing, DOGE/USD is trading around $0.25.

The market’s favorite memecoin received interest from its lead fan, Elon Musk, during the previous session when a DOGE developer’s proposal to reduce transaction costs on the Dogecoin network received a thumbs up from him. Developer Ross Nicoll put forth a proposal to change the fee policy to bring down transaction fees by at least 50 times by empowering miners of the token to take decisions instead of depending on the relay network.

Musk added a comment, “Important to support”, to Nicoll’s tweet sharing his idea on social media. His proposal has also received considerable positive momentum among Dogecoin’s online community with a number of social media comments indicating approval for his proposal.

Dogecoin’s bullish moves through the previous session were also supported by a trending hashtag on social media. #DogeFather, again thanks to Musk. Social media fans were wishing the memecoin’s influencer on his birthday using the hashtag and driving further interest in the digital asset, helping it trend higher in terms of popularity and trading volume.

Key Levels to Watch

On the 4-hour chart of DOGE/USD, the medium timeframe moving avetages as well as the MACD indicator are suggesting a bullish bias. On the other hand, however, the smaller and larger MAs as well as the momentum indicator are pointing towards some selling pressure as well, sending mixed signals for now.

On a positive note, Dogecoin’s price is holding above the pivot point at $0.23 and well above the immediate support at $0.18. An uptick in buying interest can see DOGE test resistance at $0.31, and if this breaks, we could see buyers taking the price all the way up to $0.36 where they could encounter some more resistance.

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