TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

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. 
Dogecoin price jumps 20% thanks to yet another endorsement from Elon Musk
Lorenzo StroeLorenzo StroeIndependent Analyst

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 price

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 price

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 price

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. 

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

Mixed signals leave XRP and XLM at crossroads

Mixed signals leave XRP and XLM at crossroads

Ripple and Stellar are trading at critical technical levels on Thursday. XRP has stabilized above the psychological $1.00 support, while XLM is testing support at $0.173. Traders should be cautious as mixed derivatives metrics keep the outlook uncertain for both altcoins. Derivatives data shows mixed sentiment among traders. CoinGlass’ long-to-short ratio for XRP reads 1.02 on Thursday.

Robinhood revenue climbs 32% to record $1.3B in Q2, crypto earnings decline 38%

Robinhood revenue climbs 32% to record $1.3B in Q2, crypto earnings decline 38%

Robinhood hit record revenue for the second quarter of the year, with total net revenue rising 32% year-over-year to $1.31 billion, according to its earnings report on Wednesday. The exchange witnessed strong growth across equities, options and event contracts.

Bitcoin trails US Dollar as Fed holds rate steady

Bitcoin trails US Dollar as Fed holds rate steady

The Federal Reserve kept its benchmark interest rate unchanged at 3.50% to 3.75% at its July meeting on Wednesday, in line with market expectations. Minutes from the meeting showed that economic activity has been expanding at a solid pace despite elevated uncertainty. The central bank also noted that job gains have "kept pace with the workforce."

Ethereum: Can Fed decision unsettle the calmness in ETH?

Ethereum: Can Fed decision unsettle the calmness in ETH?

Ethereum climbed above $1,900 on Wednesday following the Federal Open Market Committee's (FOMC) decision to leave interest rates unchanged at 3.50-3.75%. The decision follows a quiet derivatives and spot market for the top altcoin, with traders waiting for the decision before making a move, according to CryptoQuant analysts.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.