During the start of trading today, Dogecoin was subjected to fleeing investor confidence following its price stagnation at the $0.2 region. It appears this region is quickly becoming a space that lacks volatility for the crypto asset. However, the crypto coin managed to record an explosive price surge past the $0.3 mark.
Dogecoin, the 6th largest crypto asset by market cap in the market earlier today registered a shocking 22 percent uptrend from $0.28 to $0.35. This came one hour after the serial businessman, Elon Musk tweeted about the meme currency. In his usual style, Elon took to his Twitter handle to stamp his approval for the crypto asset. Elon is known for hyping Dogecoin even though he is a Bitcoin holder. In his tweet, he wrote, “The Dogefather SNL 8 May.” His message was to create awareness of the upcoming SNL conference that he is poised to attend as a “Godfather”.
Soon after the tweet, Dogecoin price started to assume an upward trend and it is currently exchanging at about $0.323 at the time of writing. Recently, Dogecoin managed to register a new all-time high of about $0.44, making many investors overnight millionaires. Most of the people who benefited from this were Tik Tok users who had heavily invested in the crypto asset.
Elon is now known for promoting Dogecoin and he has been crowned the unofficial CEO of the crypto network due to his efforts. His unusual Dogecoin tweets have also got him in trouble with the US Security and Exchange Commission cautioning him to be careful or face prosecution for violating regulatory laws.
Late Tuesday evening, the famous talk show Ellen was hosting Billionaire Mark Cuban where he asked him his comments about cryptocurrency and Dogecoin. In his response, Mark spoke about his admiration for the crypto coin. Speaking about its history and its current performance, Mark expressed confidence in Dogecoin. All these sentiments and publicity are responsible for the sudden attention and rise in price.
At present, Dogecoin’s upward trend appears to be far from over as it basks in the recent positive publicity from notable personalities. Due to this, Dogecoin is currently one of the top daily movers in the entire cryptocurrency market, beating the likes of Ethereum and Cardano. It is worth noting that Bitcoin currently is struggling to cement a $55,000 support amidst a bullish market.
According to Dogecoin’s 4-hour chart, the crypto asset is currently experiencing massive buying pressure. When you look at the RSI metric which currently stands at 67, you will see the bulls have an upper hand compared to the bears. Also adding credence to the bullish picture is the Moving Average Convergence Divergence (MACD) technical indicator. At the time of writing, it is evident that the MACD blue line is hovering way above the signal line, indicating Dogecoin is strongly bullish.
Despite Elon’s influence in controlling Dogecoin’s price, analysis shows the crypto coin is moving away from depending on notable personalities. Dogecoin has of late being recording positive prices without the assistance of these personalities. At present, Dogecoin is a familiar crypto asset to most traders and investors in the market.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on April 28, 2021 8:58 pm
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