Elon Musk’s Latest Tweet Boosts Dogecoin By 4%: Is It Time To Buy DOGE?
23 Agosto 2023 - 7:10AM
NEWSBTC
Once again, the crypto world is abuzz today with another unexpected
movement in Dogecoin’s (DOGE) price, thanks to a tweet from the
iconic Tesla CEO, Elon Musk. This has become a consistent
phenomenon, where virtually every Elon Musk tweet hinting at or
referencing Dogecoin prompts a flurry of activity from DOGE
enthusiasts, regardless of the subtlety or directness of the
tweet’s content. This morning, the catalyst for the sudden upswing
in DOGE’s value was a simple tweet from Musk. He shared a logo
animation of the “X” logo, created by one of Twitter’s most
renowned DOGE influencers, @DogeDesigner. Interestingly, Musk
shared the video without comment, only tagging DogeDesigner as the
creator of the video. Nonetheless, this nod was enough to stimulate
DOGE bulls into driving up the cryptocurrency’s price by an
impressive 4%. Another Elon Musk $DOGE pump! #Dogecoin is up 4%
because of this tweet from Musk. * From: DogeDesigner @cb_doge
https://t.co/IN4dk8q3jN — Jake Simmons (@realJakeSimmons) August
23, 2023 Dogecoin Price Analysis Yet, it’s critical to delve deeper
into the charts for a more holistic view. Before Musk’s tweet, DOGE
faced resistance just shy of the 50 EMA on the 4-hour chart. As
we’ve seen in the past, such sudden pumps can be ephemeral. At
press time, Dogecoin was already giving back some of its gains,
standing at a mere 2% increase from the pre-tweet levels.
Nevertheless, the effects of the tweet on the DOGE chart cannot be
overlooked. The 4-hour chart reveals that Dogecoin surpassed the
23.6% Fibonacci retracement level due to Musk’s stimulus. The onus
is now on DOGE enthusiasts to maintain the momentum and hold above
the $0.0626 price point. If achieved, there’s potential for DOGE to
rally towards the 38.2% Fibonacci retracement mark at $0.666. That
said, investors should brace for considerable selling pressure,
especially at the 78.6% Fibonacci retracement level, which stands
at $0.0732. Related Reading: Dogecoin Proof Of Stake Discussion
Heats Up As Lead Dev Chimes In Looking at the higher timeframe, the
1-day chart paints a more somber picture for DOGE. Despite Musk’s
latest tweet, Dogecoin remains ensnared in a persistent downtrend.
This downtrend, defined by a descending trend channel, has been
unwavering since December of the previous year. Recalling recent
events, DOGE faced a rejection at this channel’s upper trendline in
late July and has been on a steady southward trajectory ever since.
Alarmingly, key support levels provided by the 200-day EMA and
other significant moving averages have been breached. Related
Reading: Dogecoin Power Play: Robinhood Faces $16 Million Whale
Exodus – Details Given the present chart patterns, there’s a
looming possibility of DOGE revisiting its yearly low at $0.05593.
In a worst-case scenario, a slide to the descending channel’s lower
boundary at $0.053 might be on the cards. However, should DOGE
staunchly defend this key price level, it could signal an enticing
entry point for prospective investors. For any meaningful recovery,
it will be imperative for DOGE to swiftly rebound from this low,
ideally targeting levels above $0.058. Featured image from Twitter
@Investments_CEO, chart from TradingView.com
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