Crypto Gator | The Best Cryptocurrency, Blockchain and Forex News Aggregator
The Best Cryptocurrency, Blockchain and Forex News Aggregator
The post Will Elon Musk’s Tweet Hold DOGE’s Price Trend? Here’s What To Expect From Dogecoin Next appeared first on Coinpedia Fintech News In recent months, Dogecoin has experienced a […]
The post Will Elon Musk’s Tweet Hold DOGE’s Price Trend? Here’s What To Expect From Dogecoin Next appeared first on Coinpedia Fintech News
In recent months, Dogecoin has experienced a surge in popularity as investors flock to the meme-inspired cryptocurrency. As a result, many analysts are now predicting that the cryptocurrency is on the verge of a bull run, with several potential breakout levels mapped out.
One of the primary reasons driving the DOGE price upward is the mass adoption of the meme coin amid the market’s turmoil as it gets less impacted by macroconditions. Moreover, Twitter’s CEO Elon Musk’s influential flirt with the meme coin has significantly impacted buyers’ sentiment to push the DOGE price forward.
Over the past year, Dogecoin has gained significant attention from investors and the community, and a considerable part was influenced by Elon Musk. The Tesla and SpaceX CEO has been one of the most vocal supporters of the meme-based cryptocurrency, frequently tweeting about it and causing its price to fluctuate.
Today, there has been a noticeable surge in the price of Dogecoin (DOGE) as the meme coin gained upward potential from Elon Musk’s recent tweet. In the tweet, the outspoken billionaire shared an image of his Shiba Inu dog breed, appointing it as the new CEO of Twitter, creating excitement in the meme community.
Through this tweet, Elon Musk declared his intention to step down from his CEO position on Twitter after a few months of taking over. However, Elon will only resign if he can find a suitable replacement. In his recent tweet featuring his pet dog, he claimed that the new CEO is a better option than ex-CEO Parag Agrawal. Interestingly, the decision to reveal his dog as a replacement has been humorously dubbed a smart move in crypto.
As Dogecoin’s price flashes intense bullish signals, it suggests that investors are not done yet with profit-taking. Thus, market leaders predict that the meme coin trend has more room to continue this uptrend and touch a new monthly high in the next few weeks.
As of writing, DOGE price trades at $0.086 with an uptrend of 4%. Looking at the technical indicators, the meme coin may correct downward as the influence of Elon Musk’s tweet will fade soon, slumping the asset downward. It is predicted that Dogecoin will undergo a bearish consolidation soon and test buyers’ patience near the support level of $0.02 before igniting a bull run.
If the DOGE price fails to retest its resistance at $0.09, it can drop below its 0.31 Fib level and trade near $0.067. Moreover, its social dominance has started facing a downturn as the recent surge has no backup to support the momentum, developing a potential of dropping in the next few days.
However, a breakout above Bollinger band’s upper limit of $0.095 may invalidate bearish analysis and push the token to December’s high of $0.112.
