DOGE Reaches New ATH, Robinhood Crashes During Coin’s Surge

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In Brief
  • DOGE reached a new all-time high price on May 4.

  • It has reached a confluence of resistance levels near $0.60.

  • DOGE is likely in wave five of a bullish impulse.

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Dogecoin (DOGE) reached a new all-time high price on May 4. Its valuation is now higher than established companies like Twitter and Ford.

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DOGE has reached a confluence of resistance levels near $0.62 and has been rejected by it. Despite the rejection, technical indicators do not yet show significant signs of weakness.

New all-time high for DOGE

DOGE has been increasing since April 23, when it was trading at a low of only $0.169. The increase is still ongoing. Today, the token managed to reach a new all-time high price of $0.60.

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Technical indicators are still bullish, supporting the upward move. This is especially evident by the RSI cross above 70 and the increasing MACD.

However, DOGE can be said to have reached the 1.61 external Fib resistance at $0.626. If the upward movement eventually continues, the next significant resistance area is found at $0.916.

Chart By TradingView

DOGE wave count

The wave count suggests that DOGE is in wave five of a bullish impulse. In addition, it further supports the importance of $0.62 resistance area. 

A target for the top of this move is found by projecting the length of waves 1-3 to the bottom of wave four. This gives a target of $0.616, very close to the previously outlined $0.626 resistance area. 

If the current wave extends, there is another Fib resistance found at $0.76. This would likely serve as a minor resistance level prior to $0.916. 

At the current time, we cannot determine if wave five will extend. 

Chart By TradingView

To conclude, DOGE is likely in the fifth and final wave of a bullish impulse. While there are no signs of weakness present, the token has reached a confluence of resistance levels, which could signify the top of the upward movement.

If the movement extends, the next resistance levels are found at $0.76 and $0.91, respectively.

As reported, crypto trading app Robinhood “experienced intermittent issues” with crypto trading earlier today, as DOGE had gained 120%, over the last week, and sent users flocking to the app. However, the trading app has not clarified whether the issues were actually caused by the increased interest and trading volume.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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