- Dogecoin price quickly retakes critical April high at $0.453.
- Accumulation/distribution profile for daily volume is supportive of a firm low.
- An emerging double bottom on the intra-day charts to confirm DOGE trend renewal.
Dogecoin price closed below the critical April high yesterday, putting the pursuit of $1.00 in doubt. The new Elon Musk tweet has reversed the descent and raises the potential of DOGE closing today with a bullish engulfing day.
Dogecoin price needs liquidity and FOMO
On May 11, Dogecoin price closed with two consecutive inside days, suggesting the decline from the May 7 high had been exhausted, and a renewal of the steep advance was around the corner. However, yesterday’s decline and close below the April high of $0.453 lowered the bullish outlook to neutral.
The DOGE outlook brightened just a few minutes ago with a tweet from Elon Musk saying, “working with Doge devs to improve system transaction efficiency. Potentially promising.”
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
