That’s why DOGE is green in the middle of the red market

To please Dogecoin fans, Tesla CEO Elon Musk added drama to the McDonald’s rumors by tweeting a sweatdrop emoji on the fast-food giant’s official account.

The billionaire’s comments came shortly after McDonald’s began teasing its supporters with an announcement that appeared to anticipate things on February 13.

Trader Cantering Clark sees the recent interaction between McDonald’s and Musk as a potentially bullish catalyst for DOGE, claiming he’s long been the popular meme coin.

Woke up, seen, longed for something $DOGE pic.twitter.com/QK2IqtxCME

— Cantering Clark (@CanteringClark) February 13, 2022

Woke up to this tweet, long some DOGE.

It seems Cantering Clark isn’t the only one who thinks so. DOGE price is up nearly 9%, outperforming other major cryptocurrencies as Bitcoin continues to show bearish price action.

DOGE/USDT | The source: trading view

As Cointelegraph reported, Musk once tweeted that he would eat a McDonald’s Happy Meal if the iconic fast-food giant accepted cryptocurrency DOGE.

As an inspiration for crypto-related memes, McDonald’s also asked Tesla to accept the cryptocurrency Grimacecoin as an answer. This reaction inadvertently led to the creation of another meme coin of the same name on Binance Smart Chain.

Many people think this little joke is the end of Musk’s efforts to get McDonald’s to accept DOGE, but recent interaction on Twitter may indicate there is more to come.

DOGE price will enter a recovery rally if this key support level holds

DOGE is attempting to maintain a key line of defense against a possible pullback. If the bulls can reverse this streak of underperformance, the price can touch the upper boundary of a technical pattern at $0.24.

The fate of DOGE price is tied to a descending parallel channel as the token fails to ignite investor enthusiasm. However, the Arms Index (TRIN), which measures general market sentiment, shows that there are more buyers than sellers in the market.

The price might regain relief towards the upper border of the channel at $0.24 which would result in a 71% recovery if it manages to rally above the 200-3-day SMA at $0.13 keep.

The first hurdle for DOGE could arise at the 3-day SMA 21 at $0.15, then at the pattern middle border at $0.16, which coincides with the 23.6% Fib retracement level.

Other hurdles could appear at the 50-4-day SMA at $0.19, which coincides with the 38.2% Fib retracement, and then at the 50% retracement at $0.22.

3-Day DOGE/USDT Chart | Source: TradingView

Increased buying pressure could propel DOGE towards its upside target at $0.24 – which is the upper border of the channel.

However, if sell orders increase, the price could test the 200-3-day SMA at $0.13 as immediate support. If this level is not held, DOGE can drop to the Jan 22 low at $0.12. Once the selling pressure returns, DOGE price is next likely to move towards the lower border of the channel at $0.11.

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Minh Anh

According to AZCoin News

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