Dogecoin Technical Indicators Signal 'Buy' As Musk Suggests Tesla May Soon Accept DOGE Payments — Analyst Says 'Extreme Resistance Breakout Soon'

A pseudonymous analyst Vibranium Capital said that Dogecoin (CRYPTO: DOGE) is currently on a rally after overcoming some resistance levels.

What Happened: The analyst in a post on TradingView said, “We got the breakout, resistance turned support, and now are heading for an extreme resistance breakout soon.” 

The analyst provided specific targets, adding, “Watching for a clear daily break over $0.18308; if that comes, then continuation to $0.28-$0.435-$0.57 should come within months, in my opinion."

Based on the data from TradingView regarding Dogecoin, technical indicators are signaling ‘Buy’:

The Exponential Moving Averages are all suggesting ‘Buy’, indicating that Dogecoin’s current price is higher than the average prices over these respective periods, adjusted for recent price changes with more weight given to recent data.

Similar to the EMA, the Simple Moving Averages for the last 24 hours also show a ‘Buy’ signal. 

The MACD Level, which compares short-term momentum with longer-term momentum to signal the current direction of momentum, is also indicating ‘Buy’. This is a sign that there could be bullish momentum building up for Dogecoin.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: This comes as Elon Musk, the CEO of Tesla and SpaceX, fueled further interest in Dogecoin on Wednesday during a visit to Tesla’s factory in Berlin. There, he addressed the possibility of Tesla cars being purchasable with Dogecoin. Musk said "Well, you know, at some point, I think we should enable that.” He reminded the audience that Tesla merchandise could already be bought with Dogecoin and capped off his comments with the slogan “Dogecoin to the moon.”

A video featuring Musk’s statements was shared on Twitter by the user @dogeofficialceo, although the video’s authenticity has not been independently verified. 

Price Action: At the time of writing, DOGE was trading at $0.18, up 7.83% over the last 24 hours.

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