Dogecoin Price Roars as Elon Musk Gets Into Action!

Jun 26, 2021 0 comments

Dogecoin price in recent times had lost some traction and hence maintained a sideways trend since the price was slashed in mid of May. The price maintained a narrow range within a falling wedge until the Coinbase announcement played the role of a catalyst to swell in price.

Late Thursday, Dogecoin saw strong gains when Tesla Inc. CEO Elon Musk announced his support for his favorite meme crypto and mocked the flagship cryptocurrency Bitcoin.

Musk concurred with Billy Markus, the co-creator of Dogecoin, who urged the Dogecoin community to make the Shiba Inu-themed coin “fun and absurd.”


On Thursday, Dogecoin was trading at $0.2837, up 24.5 percent in the prior 24 hours.

Musk also took a jab at Bitcoin advocate Jack Dorsey. The Twitter CEO promoted the “B Word” conference in a tweet. Musk replied the B stood for “bicurious,” before saying: “Oh right … Bitcoin haha.”


DOGE Price Outlook

DOGE has made a comeback after being threatened by the bears. Due to Bitcoin’s loss of value over $30k the price of DOGE fell to $0.16. Following that, the token anticipated a reversal and rose by 44% in less than two days.

DOGE has broken above the falling resistance trend line that has held the coin hostage for nearly a month, as well as the 38.2 % Fibonacci extension mark of $0.271.

It has risen over the 100-day SMA; nevertheless, only a daily close above this level would indicate continued bullish momentum. On the June 24 candle, the Momentum Reversal Indicator (MRI) also displayed a buy signal, supporting the bullish narrative.

Further, Doge should hit the $0.305 Fibonacci level and cement it as support the token will stand a chance to surge higher. For this to happen Doge has to continue to trade above its 100 day SMA.

Sourced from coinpedia.org.

Donate

Comments

Translate

Contact Form