Dogecoin, also known as DOGE, jumped sharply again thanks to the controversial Elon Musk.
At the time of this writing, DOGE is trading at $ 0.058 which is down 1.61% over the last 24 hours but is still up 11.15% over the last 7 days.
What has the Tesla CEO done to improve this crypto? Lets see how it goes on.
Elon Musk literally wants to bring Dogecoin to the moon
After the controversial businessman posted a simple tweet, DOGE’s price rose almost 30% against the US dollar in a matter of minutes.
Elon Musk increased the price of Dogecoin by 23% in 2 hours. Source: TradingView.
The rally cooled quickly but it could still spell a resumption of the previous trend.
This time around, the release didn’t ignore this character’s signature irony when it comes to the crypto meme. He literally said that SpaceX will bring Dogecoin to the moon.
SpaceX will put a literal Dogecoin on the literal moon
– Elon Musk (@elonmusk) April 1, 2021
It’s not the first time something like this has happened. Elon is very popular in the crypto ecosystem for ironically promoting DOGE. But between joke and joke, this cryptocurrency has already gained more than 1,500% this year.
All of this behavior, even if it is very artificial, continues to create positive prospects for the price of this crypto, at least in the short term. Funny as it is, DOGE is already the 18th largest cryptocurrency out there, and with the capitalization that has put it in that position, we are unlikely to see it fade away overnight.
DOGE technical analysis
If we look at the weekly chart of DOGE against USD, we see a clear sequence of ever higher lows and highs, which indicates an upward trend in the medium term.
After a correction towards Fibonacci 61.8%, this cryptocurrency can now be ready for a new jump.
The price has been stuck in a bullish pennant formation for the past few weeks, which may indicate a break with trend before continuing.
If the price gets exaggerated anytime soon, we may see new momentum very soon. Fibonacci targets are: $ 0.1234 and $ 0.1572.
Should we see a loss of $ 0.0479 support, we will see increased selling pressure paving the way for a wider correction before the trend resumes. At the moment, this is not the most likely scenario.
Weekly chart of the price of DOGE against USDT. Source: TradingView.
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