On May 4, the famous Dogecoin reached the $0.62 mark, a new all-time high for the crypto asset. This new feat boosted its valuation. At the moment, Dogecoin’s value surpasses that of top companies like Twitter and Ford.
Along with the new all-time high, the market capitalization for DOGE is well above its previous market caps. The new all-time high means that more and more investors kept pumping their funds into the controversial coin.
The value of Doge has been skyrocketing consistently since late April. As of April 23, Dogecoin reached a low of $0.169. However, the coin has seen a continuous rise in price in the past week currently boasts of a weekly gain of over 150%.
Technical Analysis of Doge
Upon reaching the $0.62 value, the price was rejected. Although the price of Doge did not break the $0.62 level, based on technical indicators, the market still seems to be very bullish for the meme coin.
The Moving Averages Convergence and Divergence (MACD) of Dogecoin still keeps increasing and the Relative Strength Index (RSI) has crossed the 70 mark. As for the Fibonacci levels, Doge has reached the 1.61 external Fibonacci Resistance at $0.626. Should the uptrend of Doge continue, it is expected that the next major Fibonacci resistance will hold at the $0.916 mark.
Technically analyzing the Wave count of Doge, it is currently in wave five of the bullish impulse. Should the wave extend, the $0.76 mark will serve as resistance. Although this level will be a minor resistance.
It is not yet clear whether wave five will extend or not. However, Doge has certainly reached a major resistance. Should the resistance be broken and the price successfully pushes upward, it is expected that the uptrend will be massive.
Robinhood Crashes During the Price Surge
During the period of the surge in the price of Dogecoin, the Robinhood trading app reportedly experienced some technical issues. Robinhood however did not specify the cause of the service downtime. It has been speculated that the huge traffic of traders on the app wanting to join the upsurge may have contributed to the technical issues.