Dogecoin Registers 4% Increase Following Elon Musk’s Latest Post – Key Levels To Watch
September 13 2024 - 1:00AM
NEWSBTC
Dogecoin (DOGE), the leading meme coin in the crypto sphere,
witnessed a notable uptick on Thursday, propelled by the
influential backing of Tesla and SpaceX tycoon Elon Musk, a
longstanding advocate of the digital asset. Musk once again
showcased his support for Dogecoin through a cleverly crafted
social media post, triggering a surge in the token’s value and
stirring reactions across the cryptocurrency community. Elon Musk’s
DOGE Humor Boosts Price, Michael Saylor Chimes In In a
characteristic move on Thursday, the tech mogul, who now owns the
social media platform X (formerly Twitter), addressed two topics in
a single post. Elon Musk referenced former President Donald
Trump’s proposal for him to spearhead a government efficiency
commission, encapsulating the idea with the phrase “Department Of
Government Efficiency,” cleverly abbreviated as DOGE. Related
Reading: Grayscale Unveils First XRP Trust In The US, ETF Ahead?
This playful nod not only fueled a rally in Dogecoin’s price but
also prompted responses from industry figures like Michael Saylor,
a prominent Bitcoin proponent, who retorted with the acronym
“Banish, Tedious, Complexity” (BTC), underscoring the enduring
appeal of Bitcoin. This recent episode follows Musk’s earlier
engagement with the Dogecoin community, where an X post featuring
an image of the billionaire spelled out the word DOGE, triggering a
price resurgence for the cryptocurrency. Subsequently, DOGE’s
value experienced a revival, inching closer to the $0.10 mark.
Despite a modest pullback, the token secured a 2% increase on
Sunday, reclaiming the $0.096 threshold. Dogecoin Price Analysis
Musk’s latest social media intervention has propelled Dogecoin
towards $0.101, marking a substantial surge of nearly 4% over the
past week and over 2% within the last 24 hours. Nonetheless,
the daily trading volume for the meme coin has not mirrored this
bullish momentum. CoinGecko data indicates a $508
million trading volume in the last 24 hours, reflecting a 10%
decline amidst broader market uncertainties. Related Reading: SUI
Bulls Gear Up, Can They Push Through The $1.16 Ceiling? Preventing
further gains for the token, DOGE is still trading just below its
200-day exponential moving average (EMA) at $0.107, which could act
as a short-term resistance wall for bullish investors in the
scenario that the current momentum continues. This is also
because Dogecoin has seen additional downward pressure in longer
time frames, amounting to nearly 4% over the past month, mirroring
the struggles of major cryptocurrencies that have failed to regain
higher levels. Furthermore, the prevailing bearish market
sentiment, compounded by the lack of significant macroeconomic
catalysts, has hindered the potential for further price upside
across the digital asset landscape. Featured image from DALL-E,
chart from TradingView.com
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