DOGE Reaches a 5-month High

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Last Updated on October 30, 2022 by Bitfinsider

Dogecoin (DOGE) extended its bullish streak to a sixth consecutive session, with the cryptocurrency trading almost 30% higher today, due to a rumour that Twitter may be accepting Dogecoin.

In the wake of yesterday’s low of $0.08073, the DOGE/USD pair was able to reach a high of $0.1485 early today.

Due to its advances at the beginning of the weekend, the meme coin is currently trading at its highest level since May 11.

Image from TradingView

In addition to multi-month highs, the RSI is currently at 90.37, its highest level in almost a year.

In spite of prices being extremely overbought, as mentioned yesterday, the recent crossover of the 10-day (red) and 25-day (blue) moving averages makes it tough for bearish to reenter the market.

This is because both short-term and long-term momentum indicate an upward trend, which bulls interpret as a hint to maintain market pressure.

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