The price of Dogecoin (DOGE) has gone up by more than 20% in just 24 hours.

The price of Dogecoin (DOGE) went up in the last few days after a green candle on October 25. It is likely that the main reasons for this rise in the price of the meme coin are changes in the market as a whole and Elon Musk.

The price of DOGE has gone up by 21.44% in the last 24 hours and is now at $0.07991. Over the past week, the cryptocurrency has also gone up by more than 30%. The total value of the crypto market was also able to go over $1 trillion. Many people think that this was also a reason why the price of DOGE went up.

Related: Dogecoin’s price falls after a huge rise, and trading volume goes through the roof. 

Elon Musk’s progress on buying Twitter is another thing that has helped the meme coin do well over the last two days. Even though Elon’s trip to Twitter’s headquarters has nothing to do with Dogecoin, his influence on the price of the asset came into play again.

After six months, this Twitter deal is said to be coming to an end. On Friday, October 28, it should be done.

1 day DOGE/USD chart (Source: TradingView)

From a technical point of view, we can see that the 50-day Simple Moving Average (SMA) and the 100-day SMA were both broken by the rise in DOGE’s price. These levels have historically served as strong supports for the price of DOGE.

On the other hand, because of all the buying, the meme coin is now in an area called “overbought,” which means that the price could go down a bit.

Dogecoin Whale Volume of Transactions (Source: Intotheblock)

Also, if the price of DOGE doesn’t drop on the charts, the rise in price could make whales start trading again.

Many people think that if DOGE keeps going in the same direction, its price could reach $0.08. This price level hasn’t been tried in five months.

All of the information in this price analysis, as well as all of the views and opinions, are shared in good faith. The reader must do his or her own research and homework. If a reader does something, it is at their own risk. No Coin Edition and its partners won’t be responsible for any damage or loss, direct or indirect.

Related: Dogecoin is now the second-biggest Proof-of-Work cryptocurrency.

The price of Dogecoin (DOGE) has gone up by more than 20% in just 24 hours. This article first appeared on Coin Edition.