Rally on the cryptocurrency market looks to have taken a pause today. Bitcoin as well as major altcoins are moving slightly lower today, following recent steep gains. However, there is one coin that stands out today - DOGECOIN. Doge is trading over 5% higher on the day and is testing yesterday's highs near 0.2664. The coin experienced a big price jump yesterday after Elon Musk tweeted a picture of Shiba Inu - a dog breed that is the face of Dogecoin. However, some more fundamental news related to the cryptocurrency were released overnight and those may explain today's outperformance of Doge. Namely, Adam Aron, CEO of AMC Theaters (largest movie theatre chain in the United States), announced that his company will start accepting payments for gift cards in Dogecoins.
Taking a look at the DOGECOIN chart, we can see that the coin has jumped around 40% off lows reached at the end of September. The coin is retesting yesterday's daily highs above 0.2660 today. A point to note is that this area is marked not only with yesterday's highs but also with previous price reactions. A downward trendline can be found slightly above it. Pushing above these resistances may pave the way for an even bigger upward move. In such a scenario, the next resistance level to watch is marked with highs from early September in the 0.3150 area.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
