Against the background of BTC’s fall – it lost almost 3% over the last day and more than 4% over the week – Dogecoin stands out significantly among most other cryptocurrencies, demonstrating growth of 10% over the day and more than 14% over the week at the close of the trading session.

As a reminder, DOGE approached $0.1450 on Tuesday morning and jumped to a peak of $0.1790 in the evening. At this peak, Dogecoin showed a gain of more than 23% in less than a day.

The currency is currently trading at $0.1640, although Dogecoin has since corrected but still maintains a bullish bias on the daily chart.

However, a dip in the currency below $0.16 would represent a bearish warning.

A break of the $0.18 psychological threshold reached last night, combined with the 200-day moving average, which currently stands at $0.1828, would form the first key resistance zone for this cryptocurrency.

Dogecoin’s current bullish trend started in mid-March, when DOGE was worth around $0.11, and has generated several important positive technical signals, such as the intersection of the long-term downtrend line and the 100-day moving average.

The reason for this sharp rise in DOGE was the announcement of Tesla (NASDAQ:TSLA) CEO Ilon Musk buying a 9.2% stake in social network Twitter (NYSE:TWTR) and becoming a member of the company’s board of directors. Knowing that Musk is a strong supporter of Dogecoin, which Tesla accepts as a form of payment for some of its products, a number of investors have speculated that he may push for the integration of Dogecoin into Twitter, which already allows tipping in bitcoins.

However, there are some who believe that there is little chance of this happening, and such speculation is just wishful thinking. At any rate, Musk being on Twitter’s board of directors makes it difficult for him to use Twitter to drive up the price of any cryptocurrencies. If he does, he faces much more specific regulatory action.