Early on Tuesday, Dogecoin is on its way up again, recovering after crypto exchange Binance restarted deposits and withdrawals of the leading memecoin from its platform after getting into quite a spat with Tesla CEO Elon Musk on the issue. At the time of writing, DOGE/USD is trading at around $0.22.

According to a blog update posted by Binance, the issue resulted from a technical glitch that Dogecoin core maintainers and Binance suffered while updating the DOGE wallet. The glitch prevented the platform users from withdrawing their holdings in DOGE for 17 days, while over 1,600 users received old transactions.

Users’ complaints on social media did not go unnoticed by the self-styled ‘Dogefather’ Musk, who tweeted on their behalf and called out Binance for the inconvenience caused. In addition to the issue faced on the world’s largest crypto exchange, DOGE had been trading bearish over the past couple of weeks, briefly sliding under the key $0.20 level amid the bearish mood in the cryptocurrency market.

More Updates From Musk Offer Support to Dogecoin

Meanwhile, Musk has also expressed his support on a campaign over social media cautioning DOGE holders against indulging in risky margin trading. Several members of the DOGE army have repeatedly warned against the severe losses through deleveraged Dogecoin trading, which had resulted in the liquidation of margin accounts, causing several users to lose a significant portion of the trading capital as a result. Margin trading is a safer option for experienced traders and is not recommended for new entrants, especially in a market as volatile as that of cryptocurrencies.

Musk has also spoken out against investing in Dogecoin via cryptocurrency exchanges in general, insisting that holders should keep custody of their keys instead of depending on centralized exchanges like Binance and Robinhood. The private keys prevent other users from accessing one’s crypto holdings and prevent CEXs from handling their holdings, especially as that makes them more susceptible to being stolen in hacks.

Dogecoin could potentially see an uptick in investor interest after Binance CEO CZ announced a contest to give away a custom Tesla and $50,000 worth of DOGE. The promotional campaign could be the exchange’s way of making up for the recent technical glitch and an attempt at brokering peace between Binance and eccentric Entrepreneur Musk.

DOGE/USD Technical Analysis

According to popular crypto influencer and analyst Justin Bennett, Dogecoin could be getting ready for a rally in December. Based on his analysis, DOGE could be in the middle of a breakout, facing its first key resistance at $0.25 and a final resistance at an ATH of $0.75 in the coming weeks.

On the 4-hour chart of DOGE/USD, most of the moving averages along with leading technical indicators MACD and momentum are suggesting a bullish bias in the market. However, 100 EMA, 200 EMA and Stochastics RSI signal a presence of sellers as well.

Dogecoin’s price holds above the pivot point at $0.212 and under the immediate resistance at $0.232. Let’s keep a close watch on these levels as a break above the resistance can take it past the key $0.25 mark on the back of increased buying pressure.