Dogecoin has entered a phase of bullish consolidation after recording fresh all-time highs at a price of $0.7558 on Friday
The Shiba Inu-represented cryptocurrency, Dogecoin price, staged a 23% rebound from Thursday’s low price of $0.5339, as traders overlooked Tesla Inc’s founder Elon Musk warning, “Cryptocurrency is promising, but please invest with caution!”
The optimists rather cheered Musk’s tweet referring to Dogecoin, “Fate loves irony. Like, what would be the most ironic outcome? That the currency that was invented as a joke, in fact, becomes the real currency.”
The Dogecoin price has risen a staggering 20000% so far this year, benefiting from the celebrity endorsements while being Musk’s all-time favorite.
Looking ahead, DOGE price bulls brace for Musk’s Saturday Night Live appearance for fresh trading impulse.
Having confirmed a descending triangle breakout pattern on the four-hour chart in Friday’s Asian trading, the DOGE/USD pair built onto the upside, looking to retest the record highs.
The next stop for the DOGE bulls is seen at a price of $0.7915, the pattern target. Further up, the $0.80 round figure could come into play.
However, the relative strength index is edging higher within the overbought region, warranting caution for the buyers.
Therefore, the Dogecoin price could likely face rejection near the price of $0.80 region, which could trigger a corrective pullback towards the upward-sloping 21-simple moving average at $0.6260.
If the downside pressure intensifies, the sellers could aim for the psychological at $0.60 level.
The next relevant support level is aligned at the triangle resistance now support at $0.5831.
Further south, Friday’s low price of $0.5093 could challenge the bearish commitments.
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