The price of DOGE rose by 54% while the volume of exchanges skyrocketed in a buying frenzy triggered by a viral video from Tik Tok
Doge reached levels not seen since October 2018, marking the highest price levels for the area since the highs of $0.0068 in September of that year.
TikTok sends the DOGE/USD pair higher up
After a video supporting Dogecoin appeared on social media and went viral, the price of the corner went up vertically, according to Ryan Watkins, researcher and analyst at Messari.
The spike is the highest percentage recorded in crypto trading in a 24-hour period since the bull market of 2017, he tweeted.
Intraday trading volume increased by more than 2,000% thanks to the Tik Tok video, whose DOGE hashtag on China’s video-sharing platform attracted millions of likes. According to Google Trends, searches for buying corners have also reached new heights.
The daily volume – which had not exceeded $5 million of transactions in one day since the beginning of May – increased to $1.3 billion. The corner’s market capitalization also rose to see crypto-money rank 27th with $530 million.
Before the huge price spike, Dogecoin had recorded a series of declines to trade at $0.00227 on July 5.
At the time of writing, the price of the token against the U.S. dollar had climbed 52.22% to a high of $0.00542. The highest price ever reached for the crypto-currency was $0.018, reached on January 7, 2018.
Bulls broke through several resistance levels with six straight green candles above the critical line of $0.0023. The positive side faces critical resistance levels at $0.0055, $0.00574 and $0.0061.
The four-hour data charts suggest that this may be the case, with RSI still in the overbought territory. Nevertheless, the subsequent retracement could come to a halt if buyers maintain support in the above areas; thus, reaching a daily close above $0.005 might offer a chance to re-test higher levels.
However, if the uptrend runs out of steam, a return to long-term resistance levels at $0.0023 will be possible. On the daily charts, the immediate support is at $0.0051 and the lack of buyer’s grouping could open up some bearishness at the $0.00495 level.