Dogecoin price jumps 20% thanks to yet another endorsement from Elon Musk
|- Elon Musk has changed his Twitter bio in support of Dogecoin.
- Musk also tweeted a picture of Dogecoinon the moon, which made the digital asset jump by 20%.
- Dogecoin price has outperformed the market, recovering completely after the sell-off.
As the entire cryptocurrency market suffered a massive sell-off, Dogecoin price also plummeted from a high of $0.06 to a low of $0.041. However, thanks to another endorsement from the CEO of Tesla and SpaceX, Elon Musk, the digital asset managed to recover almost instantly.
Dogecoin price faces one critical resistance level before $0.09
On the 12-hour chart, Dogecoin price had a V-shaped recovery from a low of $0.041 and is now facing one last critical resistance level at $0.06. A breakout above this point could quickly push Dogecoin price towards $0.09.
DOGE/USD 12-hour chart
The In/Out of the Money Around Price (IOMAP) chart shows only one key resistance area between $0.058 and $0.0599 which coincides with the barrier specified above giving a lot of credence to the bullish outlook.
DOGE IOMAP chart
The most recent tweet of Elon Musk and his change of bio had a positive effect on Dogecoin but not as much as the previous ones, which indicates that perhaps Musk's power over the digital asset is fading away.
DOGE/USD 12-hour chart
Failure to hold the 50-SMA support level at $0.0557 would be a bearish indicator with the potential to drive Dogecoin price down to the 100-SMA all the way down at $0.034.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.