Price analysis: Dogecoin spikes 37% after Elon Musk tweet

Price analysis: Dogecoin spikes 37% after Elon Musk tweet
фото показано с : coinjournal.net

2020-12-21 15:42

Dogecoin’s value against the US dollar has jumped nearly 37% and is now trading 65% higher than its price a week ago

Dogecoin (DOGE) is up by almost 37% following a weekend of massive upsides for various cryptocurrencies. The top digital asset Bitcoin reached a new all-time high of $24,209 on 20 December, while Bitcoin Cash (BCH), Bitcoin SV (BSV), and Dash (DASH) also saw some impressive gains.

Among the top 50 cryptocurrencies, Dogecoin (DOGE) surged 15% on Saturday, then went up 17% on Sunday and has gained 37% at the time of writing.

For the DOGE/USD pair, the enormous move over the past two days coincides with a spike in sentiment after Elon Musk tweeted about the meme coin. The Tesla and SpaceX CEO also changed his Twitter bio to “Former CEO of Dogecoin”, which appears to have catapulted the altcoin into stardom on social media.

It is not clear how far the price will rise after this pump. However, the current outlook suggests DOGE/USD could hit highs around $0.010 short term.

DOGE/USD

DOGE/USD daily chart. Source: TradingView

The daily chart has the MACD strengthening within the bullish zone, while the RSI suggests buyers are in control as it increases above 75.  Dogecoin price could climb above $0.006 if bulls break above $0.0056 and hold gains into the daily close.

If the momentum fades and the bears make a stance, DOGE/USD could first drop to $0.0049 and then $0.0045. The initial support levels are around the 23.6% and 38.2% Fibonacci retracement levels of the upswing from $0.0028 low to $0.00554 high. Prices could then drop to $0.0038 and the 50-SMA ($0.0032).

DOGE/USD hourly chart. Source: TradingView

On the hourly chart, DOGE/USD is trading above the 100 hourly simple moving average and looking to strengthen near the upper boundary of an ascending channel.

However, the upper trendline of the parallel channel has capped the potential breakout around $0.0055. If bulls break above and rally to $0.0058, the next step above $0.006 could involve a retest of $0.010 and then at the all-time highs around $0.018.

Conversely, if bears push below $0.0052 (the middle line of the channel), prices could drop to the lower boundary ($0.0047). The next major support level is around the 100-SMA ($0.0040) and then at $0.0036.

The post Price analysis: Dogecoin spikes 37% after Elon Musk tweet appeared first on Coin Journal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Dogecoin (DOGE) на Currencies.ru

$ 0.1598 (+0.43%)
Объем 24H $1.909b
Изменеия 24h: -4.00 %, 7d: 5.48 %
Cегодня L: $0.1577 - H: $0.1685
Капитализация $23.07b Rank 8
Цена в час новости $ 0.0045536 (3409.31%)

dogecoin musk tweet price elon spikes analysis

Источник: coinjournal.net

dogecoin musk → Результатов: 63


Dogecoin Plaintiffs File New Motion Against Elon Musk After Leaked Letter

DOGE investors accused Elon Musk of insider trading in a class action lawsuit, also naming Telsa for Dogecoin price manipulation, costing investors billions of dollars.  The Dogecoin plaintiffs, represented by Evan Spencer of Evan Spencer Law, argue that Musk and his company manipulated the Dogecoin market to sell the token at a higher price. Quinn […]

2023-6-28 19:00


Фото:

The Real Reason Elon Musk Feels Dogecoin’s Major Update Will Make DOGE Far Superior To Bitcoin, Ethereum

Controversial Tesla/SpaceX CEO Elon Musk has once again made a compelling argument for his favorite meme-themed pet project, Dogecoin.  Musk, the self-proclaimed Dogefather, today reacted to a tweet predicting that Dogecoin’s imminent upgrade would position DOGE to become one of the world’s most used currencies, agreeing that it will give the cryptocurrency an edge over […]

2021-7-10 22:58


Фото:

Elon Musk Calls Dogecoin a Hustle and the Future of Currency That’s ‘Going to Take Over the World’ on SNL

Dogecoin has a wild ride this weekend starting with Elon Musk’s Saturday Night Live (SNL) and ending with Spacex saying it will launch DOGE-1 mission to the moon. Musk called dogecoin “a hustle” on the show but also said that it is “the future of currency” that’s “going to take over the world.” Dogecoin Is […]

2021-5-10 05:05


Фото:

Elon Musk ‘Resigns’ as Dogecoin CEO After Price Soars 30%

Dogecoin has become the unexpected new champion of the sudden cryptocurrency bull market which gripped the industry this week – thanks to Elon Musk. Musk Pets ‘Pretty Cool’ DOGE In a series of surprising yet distinctly familiar tweets, Musk, who has hinted at his alleged fondness of Dogecoin, said the meme-based cryptocurrency was his “favorite” and described it as “pretty cool.

2019-4-4 23:00


Илон Маск: Dogecoin может быть моей любимой криптовалютой. Он довольно крутой

Американский предприниматель и изобретатель Илон Маск вновь пишет о криптовалютах. На этот раз его внимания удостоился Dogecoin.   Dogecoin might be my fav cryptocurrency. It’s pretty cool. — Elon Musk (@elonmusk) April 2, 2019 Такой комментарий он оставил под организованным официальным аккаунтом Dogecoin в Twitter на 1 апреля голосованием, где пользователям предлагалось выбрать CEO криптовалюты.

2019-4-3 10:16


дальше еще 14 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru