ogecoin, the meme-currency turned into the sixth-largest cryptocurrency by market cap registered a 20% surge today rising from $0.281to $0.343 within an hour of Elon Musk’s tweet. Musk who is infamous for shilling Dogecoin from time to time despite being a Bitcoin holder was at it again as he tweeted about his upcoming SNL appearance with a Godfather pun. Musk tweeted,
The Dogefather SNL May 8
SNL May 8
— Elon Musk (@elonmusk) April 28, 2021
The price started to climb soon after this tweet and it is currently trading at $0.327. The meme currency recently reached a new ATH of $0.4377 defying all odds and creating many Tik Tok millionaires who have invested heavily since the GameStop saga.
Musk has been shilling $DOGE for quite some time now and he was also designated as the unofficial CEO of the DOGE community. His unusual tweets shilling DOGE also got him in trouble with the SEC recently who had suggested that he might face questioning if found guilty of violating any securities law.
Dogecoin Has Come a Long Way From Being a Meme Currency
$DOGE was started as a joke currency but the community behind the digital asset made it truly decentralized over the years. While DOGE still faces criticism for its infinite supply and being a phony digital asset, the altcoin has changed that stance quite significantly this bull season as it has been increasingly incorporated by many businesses as a form of payment for their products including a Nissan dealership, Mark Cuban owned NBA team Dallas Mavericks and many others.
The Elon Musk effect has also been on the decline in recent times as Dogecoin gains more public traction and acceptance which is a bullish indicator. The other criticism about an infinite supply is often met with the fact that Federal Reserve does the exact same thing with the US Dollar and yet it is the universal currency of trade.
JPMorgan Has Bearish Warning About Dogecoin and Robinhood
JPMorgan’s analyst maintains his bearish view on Robinhood due to low retail interest in Dogecoin
JPMorgan has maintained an “underweight” rating on the Robinhood stock, sticking to its $35 price target.
In a Friday note, analyst Kenneth Worthington cites weak Dogecoin volumes as the key reason why he thinks that the leading online brokerage app is vulnerable.
As reported by U.Today, the meme cryptocurrency accounted for a whopping 62% of the firm’s crypto-related revenue in Q2.
Worthington writes that, unlike cryptocurrency-focused trading platforms, Robinhood has failed to record an upsurge in trading volumes this October:
While 3Q21 volumes remain robust, they slowed down materially from 2Q21 levels.
Dogecoin is only up a modest 15% this month, significantly underperforming its canine rival Shiba Inu. Yesterday, Robinhood CEO Vladimir Tenev seemingly dodged a question about listing plans for SHIB amid rampant speculation on social media.
In late September, Worthington also wrote that the company’s stock could experience significant selling pressure after the expiration of the lockup period on Dec. 1. More than half a million shares will be unlocked on that day.
Robinhood is set to announce its Q3 earnings on Oct. 26.
Elon Musk Says He Will Become First Dogecoin Trillionaire
The Tesla CEO says that he will become the world’s first trillionaire in Dogecoin
Tesla CEO Elon Musk claims that he will become the world’s first Dogecoin trillionaire in a recent tweet.
*In Dogecoin— Elon Musk (@elonmusk) October 22, 2021
Musk’s net worth has now swelled to $249 billion, according to the Bloomberg Billionaires Index.
The entrepreneur is now worth more than the gross domestic product of New Zealand (and he’s close to surpassing Portugal).
His wealth has increased thanks to the renewed Tesla rally. The shares of the leading e-car maker hit a new all-time high of $910 earlier today.
Morgan Stanley predicts that Musk is on track to become the world’s first trillionaire thanks to SpaceX.
In July, Musk revealed that he personally owns Bitcoin, Dogecoin and Ether.
Dogecoin Price Prediction: DOGE poised for 64% breakout if this key level breaks
- Dogecoin price looks ready for a 64% climb as it moves higher toward the upper boundary of the symmetrical triangle pattern.
- A break above $0.269 could put the bullish target of $0.435 on the radar.
- DOGE may discover a strong foothold at $0.242 if selling pressure spikes.
Dogecoin price is preparing for a 64% rally, but the dog-themed token has one last hurdle to overcome before the bullish target is in the offing. DOGE must climb above the descending resistance trend line that has acted as a headwind for the token since June 3.
Dogecoin price to clear one last barrier
Dogecoin price has formed a symmetrical triangle pattern on the daily chart as the bulls catch their breath. While DOGE consolidates, the token is supported by a few significant technical indicators, suggesting that the token is poised to aim higher.
The prevailing chart pattern suggests a 64% climb for Dogecoin price if the token manages to slice above the upper boundary of the technical pattern at $0.269. Before the bulls can anticipate a bull run toward the optimistic target, DOGE would also need to conquer the nearest resistance at 50% Fibonacci retracement level at $0.255.
If a spike in buying pressure occurs, and Dogecoin breaks above $0.27, DOGE would be met with another obstacle at the 61.8% Fibonacci retracement level, coinciding with the 200-day Simple Moving Average (SMA) at $0.277.
Additional hurdles may emerge at the 78.6% Fibonacci retracement level at $0.310, then at the August 16 high at $0.351 before eventually reaching the aforementioned bullish target at $0.435.
DOGE/USDT daily chart
Given that Dogecoin price is still trapped in a consolidation pattern, DOGE could still oscillate within the governing technical pattern until a decisive move toward the upside, accompanied by a surge in buy orders. Until then, the dog-themed token may be exposed to minor sell-offs, in which case the nearest foothold at the 100-day SMA at $0.242 will act as substantial support.
Adding credence to the strength of this support level is IntotheBlock’s In/Out of Money Around Price (IOMAP), indicating that 80,240 addresses purchased 14.73 billion DOGE at an average price of $0.242.
Additional lines of defense will appear at the 20-day and 50-day SMAs, which sit at $0.238 before dropping lower toward the 38.2% Fibonacci retracement level at $0.233. Only a rise in selling pressure would see Dogecoin price tag the lower boundary of the triangle at $0.213.