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Doge : Path to Legitimacy ? for BINANCE:DOGEUSDT by CCAI_Official

DISCLAIMER : CRYPTOCURRENCIES.AI MAY TAKE A BUY OR SELL POSITION IN ANY CRYPTOCURRENCY IT WRITES ABOUT, AT ANY GIVEN TIME. NONE OF THE INFORMATION CONTAINED IN THIS ARTICLE IS FINANCIAL ADVICE.

Last week, we wrote a TA piece regarding DOGEUSDT, because the hype surrounding Saturday Night Live with Elon Musk was one of the unexpected catalysts a coin could ever have. Though on the day itself, Doge actually fell by 15-20% just as Saturday Night Live was playing. Despite the disappointment with the overall event, a few days later Elon Musk tweeted another bomber, mentioning that he had been working with the Dogecoin developers to improve and enhance the overall transaction capability of the coin. And to much of the Crypto Twitter’s surprise, Elon Musk held voting on Twitter to gauge the sentiment of the people whether Tesla should accept payments with Dogecoin , just as he had announced prior that the electric vehicle manufacturer would no longer accept Bitcoin as a means of payment for its products. We believe that despite all the shenanigans that is happening with the coin (on one extreme you have the haters who want the demise of Dogecoin , and on the other end there are proponents of Dogecoin who believe that the USD 1 meme will become reality, and now Elon Musk is actually working to improve the usability of Doge), the recent price action has been very healthy despite the recent pullback from 70 cents and it makes a lot of sense that the rise in price in the last couple of weeks happened because of the repricing from many speculators in the space. There is a big belief in the Dogecoin community that Elon Musk will make his comments on Twitter a reality, just to prove all the doubters wrong. We thought it would be interesting to discuss more the coin through the lens of technical analysis , both in the 12-hour and the 4-hour timeframes. Let us dive deeper into the DOGEUSDT chart.

Looking at the 12h chart, we can see that the previous support at around 53-55 cents is now flipped into resistance level on the pair. With actual developments going on with the coin, the only thing that can further take Dogecoin down is the broader financial market or more Bitcoin selloff. However, if Dogecoin can stay upbeat and no broader market factor that can disrupt the momentum of the coin, it would not be a surprise to see DOGEUSDT going higher, potentially retesting the all-time high above 75 cents, and challenging more price discoveries as the coin prepares for some exciting developments coming from the collaboration between Elon Musk and the Doge developers. But suppose if Bitcoin or Ethereum starts to tank once more, we might be able to see a pullback to retest 38-40 cents, which is still quite reasonable given the massive runup it has had in the last few months. If that were to happen, that would be a good buying opportunity for a lot of traders who have been looking for an entry into the coin.
That said, let us investigate the shorter timeframe of 4-hour to see how things are shaping up in the DOGEUSDT pair:

Judging from the same point of view as the higher timeframe, the 4-hour chart looks good and primed to get even more momentum to the upside as long as there is no disruption coming from BTC or the broader crypto market. As long as the price keeps steady at around 51-53 cents, actual development being done on the cryptocurrency and other pull factors should be taken into consideration as the price steadily climbs to challenge new levels.

Overall, things are still looking upbeat for DOGEUSDT. Should BTC or no macro factor can disrupt the current trajectory of Dogecoin and its developments in the coming weeks, we are constructively bullish on the coin.

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