TL;DR Breakdown
- Dogecoin price prediction positive as Tesla CEO and Founder’s interest in Dogecoin attracts attention.
- Bulls can eye a $0.06 and above price surge.
- Current market trends show signs of a further price consolidation towards new and significant Fibonacci retracement levels.
From the look of things, it appears Elon Musk, one of the richest men in the world, prefers Dogecoin to other leading cryptocurrencies such as Bitcoin and Ethereum. Following his late-night Sunday tweet, the billionaire and SpaceX chief managed to inflate the prices of the internet’s favorite crypto coin, DOGE. Of late, Musk has posted a series of tweets promoting DOGE. Analysis shows his preference for the crypto coin is having a positive impact on its price.
Dogecoin price prediction: DOGE fighting to bypass key resistance level to move past the $0.059 mark
Dogecoin has managed to realize impressive gains in the last 24 hours, thanks to Elon Musk’s recent tweet.
Earlier today, the Dogecoin crypto coin managed to spike past the $0.589 mark, a 3.23 percent increase, to trade at the day’s high price of $0.58973. This is not a new trend for the crypto coin, as, on the 29th of January, the coin managed to spike by more than 800 percent.
During the early morning trading, DOGE retraced the initial spike to $0.596 while easing to $0.0561. Although the day is far from over and trading is expected to catch momentum during the day, the Dogecoin pair appears to be attempting to move past crucial resistance levels.
Although Musk’s preference of Dogecoin and his affecting of the Dogecoin price prediction is a known fact, the world’s second-richest man acknowledges that Ethereum and the number one crypto asset, Bitcoin, appear strong and high.
While the market reaction to the ETH/USD and the BTC/USD pair has been minimal, the DOGE/USD pair appears bullish as it spiked from $0.0544 to the $0.058973 mark. Despite the good news following the tweet, today’s trading so far has seen Dogecoin trading at its lowest price of the day at $0.54. At the time of writing, Dogecoin is exchanging at $0.576, but it shows signs of spiking further as trading resumes from a slow weekend.
Despite the positive price movement Dogecoin has recorded since Musk’s tweet, the crypto coin has to move past a descending resistance line it created in 7th February’s bearish trend.
Dogecoin needs to move past the immediate resistance level to gain the market’s confidence to move towards the $1 threshold.
What to expect from Dogecoin price?
Following the recent hype Dogecoin has been getting thanks to the second richest man alive; the crypto coin can take advantage and record a sudden spike. Many people are now getting to know the crypto asset and wonder whether they should invest in it. If Musk continues to promote the crypto coin, we will likely witness Dogecoin to the moon price action that might move it past the $1 mark.
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.
