Dogecoin Analysis: DOGE Gains 9% Following Elon Musk Renewed Interest in Twitter

Dogecoin regained momentum following the news that Elon Musk will go ahead with the purchase of Twitter at the initial price. The billionaire has always voiced his support for the token. As a result, the announcement triggered a price rally.

DOGE opened the current intraday session at $0.060 and is currently worth $0.065. The distance between both price marks indicates a more than 9% increase. This is the first time in more than 30 days it is seeing such an increase.

There are indications that it may see more increases as the bulls are still at work. Nonetheless, while buyers celebrate, the bears are losing their funds in derivatives. More than $300k short positions got REKT. It also triggered several responses from indicators.

Dogecoin Surges Above the 50-day Moving Average

One of the most notable things on the daily chart below is the 50-day and 200-day MA. We observed that the candle representing the current intraday session extends above the green line (50-day MA). This means that DOGE flipped this critical level and may be gearing up for more moves.

We also noticed that the Relative Strength Index repeaked for the first time since August 17. The metric is at 60 at the time of writing. It may be stable above the mark as trading conditions improve.

Dogecoin was about to experience a bearish convergence due to its consistent downtrends. We observed a slight decline in the 12-day EMA. However,  its trajectory changed as a result of the most recent surge.

It is currently on an uptrend with the 26-day EMA chasing behind. All this reading only points to the asset seeing more increases. The massive spike in price is also worrisome as previous price movements showed that a massive downtrend may follow.

Nonetheless, DOGE gained more stability above its pivot point. It remains to be seen how the bears will react to this sudden move. It is also worth noting that it is the second top gainer in the top 100 over the last 24 hours.

CVX sits at the top with a positive change of more than 11%. The most recent improvement in market conditions resulted in the asset flipping its pivot point. This also the first time since September 14 it is testing $5.40.

HNT chases closely behind dogecoin with a 7% increase over the last 24 hours. It is safe to say that most the crypto market is mostly bullish as several cryptocurrencies are seeing notable price increases.