DOGE rose on Monday as traders responded to news Elon Musk might be close to a Twitter takeover. AXS, WAVES, and DOGE all surged on Monday, but they were mostly in the red as recent losses continued.
Dogecoin, (DOGE).
DOGE was trading higher to start the week, as markets reacted to the news that Elon Musk’s bid to acquire Twitter was being considered by the board.
Musk stated previously that DOGE could be used to tip or pay for users on the platform if he succeeds in acquiring the social media company.
Following the news, DOGE/USD rose to a peak of $0.1412 in today’s session, which is over 5% higher than Sunday’s low of $0.1239.
Monday’s surge in price comes after a false breakout of the $0.1310 support level, which then sent prices to their lowest level since March 22.
Today’s rally, which appears as if it could be a bullish engulfing pattern, put an end to a six day losing streak for DOGE.
Additionally, momentum is also rising, as the 14-day RSI rose above 50 for the first times in more than a week.
If this trend continues, $0.1500 will become the next target.
WAVES
WAVES on the other side was predominantly in red as it extended its recent losing streak, which sent prices down to multiweek lows.
Although it reached $64 in the first month of this year, WAVES moved lower during April and fell to $15.98 today.
Today’s intraday low in WAVES/USD follows on from Sunday’s high of $18.09, and comes as price has fallen for six days in a row.
This drop in prices seems to have brought them to $16.50 support, the lowest price for WAVES since March.
In addition to this, today’s 8% drop has also led to a decline in relative strength, and the 14-day RSI is tracking at multi-week lows.
WAVES remains in the oversold zone as of this writing. It could signal a potential rebound for traders who wait for it.
Were there any WAVES gains this week? We’d love to hear your comments.
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