Lorenzo Stroe
Independent Analyst
- Dogecoin price has been trading inside a descending triangle pattern on the 1-hour chart.
- The digital asset had another significant pump in the past 24 hours thanks to Elon Musk.
- The CEO of Tesla tweeted that he bought Dogecoin for his son.
Dogecoin price has done it again, surging by 20% thanks to another tweet by Elon Musk endorsing the digital asset. Musk said that he bought some Dogecoin for ‘lil X’ so he can be a ‘toddler hodler’. Of course, this had a positive effect in Dogecoin price which reached a market valuation of over $10 billion.
Dogecoin price on the verge of another massive breakout thanks to Elon Musk
On the 1-hour chart, Dogecoin has established a descending triangle pattern and seems to be poised for a breakout in the short-term. Cracking the resistance level at $0.076 would lead Dogecoin price to a new high at $0.094, close to the psychological level of $0.1.
DOGE/USD 1-hour chart
The interest in Dogecoin seems to be increasing significantly despite the digital asset hitting new all-time highs. The number of new addresses joining the network has increased by 51% in the past week.
DOGE new addresses chart
Funnily enough, the founder of Dogecoin, Billy Markus, stated that he can’t make sense of the surge in the coin that started as a joke adding:
The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn't make sense.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.