Dogecoin Analysis: DOGE Breaks 30-day Resistance and is up by 8%

Dogecoin is on the rise again after a bearish performance during the previous day. It opened the current intraday session at $0.088 and peaked at $0.096. Another attempt at clearing the first zero off the price fails.

Nonetheless, DOGE is still bullish as it is up by more than 8%. It’s safe to say that the asset have been bullish all day as we’ve noticed several green candles on the 1-hour chart that far outweigh the reds. Many traders are wondering what caused the most recent surge.

Dogecoin Get’s new Prospect

The doge-daddy in a tweet hinted at making the altcoin a means for payment of service. This is only limited to the confines of Twitter. The announcement sparked a wave of fresh rallies as more traders stocked up on the coin. While Elon Musk did not mention when this event would take place, some are taking this as another vague promise.

Nonetheless, DOGE attained a new feat with regards to price. It broke out of its more than 30 days. Over this period, the asset exchanged below $0.094. Since January 14, we noticed several attempts at breaking the resistance.

After the first trial, the next one happened eight days later. It failed as the altcoin faced strong resistance at $0.093. It barely touched it six days later. The most attempt saw the highlighted resistance break. Unfortunately, it is struggling to hold on to the mark.

A look at the indicators showed a notable increase in buying volume. This is also the same as the 24-hour trading volume as we noticed it doubled during the current intraday session. This also explains the spike in the Relative Strength Index.

However, it’s not the top gainer. Dydx is on a rampage.

DYDX up by 20%

The token is on a level of its own as its surge yesterday was cut short. However, the bulls are back to rallying the asset. It opened the day at $2.49 and was mostly bullish. It returned to a level it hasn’t since May 2022.