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Elon Musk Triggers a Limited Dogecoin (DOGE) Price Rally; Will it Shed All the Gains?



Story Highlights

  • Dogecoin’s price rises above range-bound levels that it was stuck for over a week after a bullish push at the end of first fortnight.
  • Elon Musk, a huge DOGE proponent, again jumps in support of the token, which may push the prices above $0.1

Although the crypto markets experience a consolation at the moment, the price of Dogecoin witnesses a massive breakout. Reason? Substantially, Elon Musk!

In a recent update, Elon Musk appears to have added the DOGE symbol to his bio on Twitter, after which the prices spiked enormously. The prices soared from the lows of $0.07 to mark an intraday high of $0.0779. However, the prices are currently correcting the gains, as it trades around $0.0744 at the moment. So what can be expected from the DOGE price rally when the trade approaches the monthly close?

The DOGE price recently broke above the descending trend a few days ago and is trying to breach the crucial 200-day EMA levels. Once the price rises above these levels, the token may reach the first target at $0.09. During the bearish reversal, the price may either continue to consolidate along or just below the current levels or reach the lower support at $0.06, which appears less likely. 

Now that Elon Musk has again jumped in support of the token, probably aiming to reclaim the position at $0.1, many may believe a bullish breakout may be imminent. Hence, the presumed CEO may have included ‘X D’ in his bio, which is speculated to be TwitterX and Dogecoin. Crypto Twitter is speculating that TwitterX may use the token DOGE as a payment option, and when it realized it was a rumor, it triggered a correction.

Hence, Dogecoin may have again fallen into the ‘buy the rumor and sell the news’ event as the rise appeared to be more fabricated than natural.


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