Dogecoin Price Flips Bullish On News That US Congressman Added DOGE To His Portfolio

2 Min Read
Last Updated July 23rd 2021
  • Dogecoin price battles resistance at the 100 SMA ahead of the next liftoff past $0.28.
    • Congressman Barry Moore buys thousands of DOGE alongside other crypto assets.

    Dogecoin price is slightly in the green after holding support at $0.22. All eyes are directed at sustaining the uptrend to $0.28. However, the resistance at $0.24, as highlighted by the 100 Simple Moving Average (SMA), must come down first. Realize that massive buy orders will be triggered if DOGE settles above this barrier; thus, catapulting the price significantly upward.

    US Congressman Barry Moore buys Dogecoin and other digital assets

    When Barry Moore, a United States Congressman, is not making bills, he is busy creating a crypto portfolio. The lawmaker reportedly spent at least $5,000 buying various cryptocurrencies between May and June.

    The Montgomery metro area Representative spent the money on Dogecoin, Ethereum, and Cardano as per a disclosure filed last week with the Clerk of the House of Representatives. The money Moore spent on Dogecoin was more than $1,000 in the mentioned period, but his crypto portfolio is somewhere between $5,005 and $75,000. This could also be the value at the time these coins were published.

    Dogecoin price prepares for a major liftoff

    Dogecoin has recently flipped bullish, especially after a golden cross pattern appeared on the four-hour chart. This technical pattern developed the moment the 50-day moving average crossed above the 100-day moving average.

    Some of the most prominent technical analysts in the industry believe the golden cross pattern to be one of the most definitive buy signals that could start a bull run. Following this bullish formation, the meme coin may surge toward $0.3.

    DOGE/USD four-hour chart

     DOGE/USD 4-hour chart 070721

    Looking at the other side of the fence

    The IOMAP model by IntoTheBlock highlights an immense resistance between $0.234 and $0.24. Here, nearly 31,000 addresses previously bought 5.4 billion DOGE. If Dogecoin tries to extend the bullish price action toward $0.28 and $0.3, some buying pressure will be absorbed, delaying the uptrend.

    Dogecoin IOMAP model

     DOGE/USD volume chart 070721

    On the downside, Dogecoin sits on top of a relatively weak support area. This means that a correction may extend the price action, leading to losses that may stretch significantly under $0.28. Nonetheless, the IOMAP model brings to light the most formidable resistance between $0.22 and $0.226. The uptrend will remain intact if this support holds, allowing bulls ample time to battle the major hurdle.

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