Dogecoin, also known as DOGE, again jumped strongly to the upside thanks to controversial Elon Musk.
At the time of this writing, DOGE is trading at $ 0.058, accumulating a loss of 1.61% in the last 24 hours, but still maintaining a gain of 11.15% in the last 7 days.
What did the CEO of Tesla do to boost this crypto? Let’s see it next.
Elon Musk wants to literally put Dogecoin on the moon
After the publication of a simple tweet by the controversial businessman, the price of DOGE against the US dollar rose almost 30% in a matter of minutes.
Quickly the rally cooled down, but it could still mean the resumption of the previous trend.
This time the publication did not leave aside the characteristic irony of this character when it talks about the crypto meme. He literally said that SpaceX will put Dogecoin on the moon.
It is not the first time something like this has happened. Elon is really popular in the crypto ecosystem for ironically advertising DOGE. But between joke and joke, this cryptocurrency has already increased more than 1,500% so far this year.
All this behavior, even though it is very artificial, continues to create a positive outlook for the price of this crypto at least for the short term. Well, as a joke as it is, DOGE is already the 18th largest cryptocurrency on the market, and with the capitalization that took it to that position, we will hardly see it disappear overnight.
DOGE technical analysis
When we look at the weekly chart of DOGE vs USD, we notice a clear succession of increasingly higher lows and highs, denoting an upward trend in the medium term.
After a correction towards Fibonacci 61.8%, this cryptocurrency can now be ready for a new jump.
For the past few weeks the price has been stuck in a bullish pennant formation, which could be indicating a break from the trend before a continuation.
If the price manages to escape over the top soon, we may see a new momentum very soon. Fibonacci targets are: $ 0.1234 and $ 0.1572.
Should we see a loss of the $ 0.0479 support, we will then see increased selling pressure, ushering in a broader correction before the trend resumes. At the moment this is not the most likely scenario.
All our publications are informative, so in no case should they be followed as investment advice.