- DOGE/USD experienced a surge after Elon Musk’s meme about Dogecoin.
- According to CoinMarketCap, the prices of Dogecoin have surged by 15.39% since the Tweet.
- The surge was followed by two days of bearish correction.
- The bulls regained control in the early hours of Tuesday.
Elon Musk, the CEO of Tesla and SpaceX, took to Twitter to post a meme about Dogecoin, which implies the Dogecoin standard would envelop the global financial system. The meme generated significant engagement from tech enthusiasts, financial investors and the cryptocurrency community. According to CoinMarketCap, the prices of Dogecoin have surged by 15.39% since the Tweet.
Dogecoin was first introduced as a sort of joke coin by its creators - Billy Markus and Jackson Palmer. This isn’t the first time Musk has commented about Dogecoin. In April last year, he tweeted about Dogecoin in response to a poll from the cryptocurrency’s official Twitter account.
Following the surge, DOGE/USD faced two straight days of bearish correction wherein the price fell from $0.003495 to $0.0032.
DOGE/USD daily chart
DOGE/USD bulls re-entered the market following the two bearish days and have taken up the price from $0.0032 to $0.00325. The price is consolidating in a triangle formation and has found support at the SMA 20 curve. Finally, the Elliott Oscillator has had two straight green sessions.
Support and Resistance
DOGE/USD bulls need to overcome resistance at $0.0035 and $0.00382 to continue the upward momentum. On the downside, healthy support lies at $0.003199 (SMA 20), $0.003169 and $0.003022.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.