• Dogecoin (DOGE) is seeing some bullish action due to Elon Musk’s Tesla publishing its quarterly earnings report for the fourth quarter of 2022.
• The Relative Strength Index (RSI) is indicating that the uptrend in DOGE may have finished, with a break over the $0.095 liquidity barrier needed to render the current downtrend null and void.
• If the price makes a new high, the current uptrend may continue for a little longer. The $0.10 threshold is the next major resistance that needs to be breached for the uptrend to continue.
Dogecoin (DOGE) is seeing a huge rally right now, which is being propelled by Tesla’s upcoming quarterly earnings report for the fourth quarter of 2022. Elon Musk’s electric car company is an avid supporter of Dogecoin, and the crypto community is eagerly waiting to see what Tesla has to say about the meme coin on the earnings call.
The current price of one Dogecoin is $0.0088, and in the past seven days, the token has seen a 9% increase, and 2% in the past twenty-four hours. Even before the current surge, Dogecoin had been seeing a steady increase, but it took a brief break and tumbled by over 5%, before the bulls regained control.
The Relative Strength Index (RSI) is a tool used to foretell when a market may change direction. According to the RSI, the current uptrend in DOGE may have finished, and for it to continue, the price needs to break over the $0.095 liquidity barrier. If the price makes a new high, the uptrend may continue for a little while longer. The next major resistance that needs to be breached is the $0.10 threshold.
The crypto community is hoping that the Tesla quarterly earnings report will provide a further boost to Dogecoin, and the meme token may continue its surge in price in the near future. Elon Musk, himself, also loves Dogecoin, and has even made it possible for people to purchase electric vehicles using the token. He also recently announced that Twitter might integrate DOGE as a payment method for its Twitter Blue subscription, which could further propel the meme coin and make it one of the most popular cryptocurrencies of the year.