Rajarshi Mitra
Independent Analyst
- DOGE/USD experienced a surge after Elon Musk’s meme about Dogecoin.
- According to CoinMarketCap, the prices of Dogecoin have surged by 15.39% since the Tweet.
- The surge was followed by two days of bearish correction.
- The bulls regained control in the early hours of Tuesday.
Elon Musk, the CEO of Tesla and SpaceX, took to Twitter to post a meme about Dogecoin, which implies the Dogecoin standard would envelop the global financial system. The meme generated significant engagement from tech enthusiasts, financial investors and the cryptocurrency community. According to CoinMarketCap, the prices of Dogecoin have surged by 15.39% since the Tweet.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
Dogecoin was first introduced as a sort of joke coin by its creators - Billy Markus and Jackson Palmer. This isn’t the first time Musk has commented about Dogecoin. In April last year, he tweeted about Dogecoin in response to a poll from the cryptocurrency’s official Twitter account.
Following the surge, DOGE/USD faced two straight days of bearish correction wherein the price fell from $0.003495 to $0.0032.
DOGE/USD daily chart
DOGE/USD bulls re-entered the market following the two bearish days and have taken up the price from $0.0032 to $0.00325. The price is consolidating in a triangle formation and has found support at the SMA 20 curve. Finally, the Elliott Oscillator has had two straight green sessions.
Support and Resistance
DOGE/USD bulls need to overcome resistance at $0.0035 and $0.00382 to continue the upward momentum. On the downside, healthy support lies at $0.003199 (SMA 20), $0.003169 and $0.003022.
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