RLinda ! DOGEUSDT-> Should we expect growth?

10 Okt 2022

DOGE formed an upward momentum of 12% of the price on Tuesday and, as we can see on the chart, is breaking through strong resistance. What happened?

According to SEC documents, Elon Musk sent a letter to Twitter on Monday wanting to proceed with a deal to buy the company. The company intends to close the deal at $54.20 per share. Faced with this turnaround, Twitter's stock rose more than 22% on Tuesday

But these announcements also had a strong impact on the cryptocurrency market, specifically on Ilon Musk's favorite cryptocurrency, DOGEUSDT soared 12%

What's going on from a technical analysis perspective?
A resistance trend line from August 16 is forming on the chart, but momentum is forming and the price breaks resistance up at the moment the news is released. The price is trading in an upward price channel (local up-trend) and at the moment we see a correction to the channel support.

I assume that the price can test the support area, and then the price might go up significantly, and there are positive fundamentals that might push the price up. The short-term target is the resistance at 0.0683, the medium-term target is the liquidity zone at 0.07185.

Regards R.Linda!