Price Analysis: Dogecoin Appreciates, Where’s It Headed Next?

As the bulls regained strength over the past few days, major cryptocurrencies witnessed considerable respite. Following impressive gains, Dogecoin has soared a substantial 8% over the last 24 hours. The coin was changing hands at $0.151 at the time of writing. Market movers were seen trading in the green, as a reason altcoins also jumped north on their charts. Following bullish sentiments across the market, the global cryptocurrency market cap stood at $2.26 Trillion after a 6.7% positive change. Bitcoin was trading at $47,800, which marked a multi-month high for the coin, and Ethereum was priced at $3400, a level it last touched in the month of January. Related Reading | Bitcoin Likely To Continue Upward Trajectory, Is $50K Its Next Target? Dogecoin Price Analysis: Four Hour Chart Dogecoin was seen trading within an ascending channel (white), which is considered to be bullish. Over the past week, Doge has surged close to 26%. The meme-coin was further fueled by Elon Musk’s Tweet which spoke of how he found the idea of replacing Twitter’s logo with that of Doge’s impressive. This comment was in line with Musk’s recent tweet which suggested that Twitter isn’t a platform that lets users exercise their freedom of speech. Post these tweets, Dogecoin registered another double-digit jump in a matter of a day. The volume traded in the previous session was also in green suggesting that the price acti...