Lorenzo Stroe
Independent Analyst
- Dogecoin price has been trading inside a descending triangle pattern on the 1-hour chart.
- The digital asset had another significant pump in the past 24 hours thanks to Elon Musk.
- The CEO of Tesla tweeted that he bought Dogecoin for his son.
Dogecoin price has done it again, surging by 20% thanks to another tweet by Elon Musk endorsing the digital asset. Musk said that he bought some Dogecoin for ‘lil X’ so he can be a ‘toddler hodler’. Of course, this had a positive effect in Dogecoin price which reached a market valuation of over $10 billion.
Dogecoin price on the verge of another massive breakout thanks to Elon Musk
On the 1-hour chart, Dogecoin has established a descending triangle pattern and seems to be poised for a breakout in the short-term. Cracking the resistance level at $0.076 would lead Dogecoin price to a new high at $0.094, close to the psychological level of $0.1.
DOGE/USD 1-hour chart
The interest in Dogecoin seems to be increasing significantly despite the digital asset hitting new all-time highs. The number of new addresses joining the network has increased by 51% in the past week.
DOGE new addresses chart
Funnily enough, the founder of Dogecoin, Billy Markus, stated that he can’t make sense of the surge in the coin that started as a joke adding:
The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn't make sense.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethena plans to leverage USDe to integrate DeFi, CeFi and traditional finance
Ethena (ENA), a protocol developed on the Ethereum blockchain offering a synthetic stablecoin (USDe) that operates across various DeFi applications, announced on Friday that itsUSDe will integrate DeFi, CeFi and traditional finance as part of its 2024 roadmap.
XRP hovers above $0.50 as Ripple joins alliance to simplify recovery of digital assets
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Toncoin price surges as Notcoin gains attention across the crypto community
TON saw a brief rally on Thursday following a recent announcement that Binance and OKX will launch Notcoin (NOT) as the newest token on the Binance launchpool and the OKX Jumpstart.
AI crypto coins rally ahead of ChatGPT creator OpenAI plans to announce Google search competitor on Monday
Barely before the hype around NVIDIA stock gain is over, AI crypto tokens have another bullish catalyst coming their way, which could provide more tailwinds to drive the price of the sector’s tokens.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped. Markets have noted significant trading differences between sessions, and while the Asian market showed strength, whatever ground they were able to cover was oftentimes wiped out by traders in the US.