Dogecoin price trajectory: Will Elon Musk’s statement affect DOGE price?

Dogecoin price trajectory Will Elon Musk's statement affect DOGE price

Recently, Dogecoin has been in the news, and it is reflected in the price. DOGE has surged more than 20% in the last few weeks. In this post, we are going to tell you about Elon Musk’s tweet and its impact on DOGE prices. Moreover, you will also get a DOGE price analysis, which help you to make investment decisions.

Historical DOGE Price Trends

After hitting an all-time high of $0.75, DOGE has been in a downtrend, and now it is consolidating within a range of $0.06 and $0.11. Many experts suggest DOGE has a sign of a potential breakout.

However, it may not cross its long-term resistance of $0.11. That means it will consolidate in the next few months. If it breaks the resistance, it will be long-term bullish and might cross the previous high of $0.75 within a few years. 

As a meme coin investor, you should focus on short-term capital gain rather than investing money for the long term. Click here to learn detailed Doge predictions for the short and long term.

Recent DOGE Price Movements

At the time of writing this post, DOGE was trading around $0.074, which is forming higher highs and higher lows. Last week, it took support around $0.07. The candlesticks are forming above the 50-day EMA, which suggests a bullish momentum for the short term.

The RSI also suggests consolidation. However, if you consider the chart, you can find the candlesticks are forming higher highs and higher lows in the last few weeks, so it could be a sign of consolidation where the candles might face resistance around $0.077 and fall back to the level of $0.06 and consolidate for next few months before taking a bullish momentum for the long term.

Elon Musk’s Impact on DOGE Price

The recent tweet of Elon Musk drives the price up for Dogecoin (DOGE) because many experts have taken the tweet optimistically or as a support of DOGE. Elon Musk will not launch new tokens for his company, which means he may choose DOGE or BTC as the premium token for his company if he considers integrating crypto payments.

In the 2020 crisis, Elon Musk supported crypto, especially Dogecoin, which boosted the price from $0.0075 to $0.75. Now, the current price is around $0.075. Musk makes the Dogecoin what it is today! Otherwise, it is just like thousands of other meme coins. However, it is not clear whether Elon Musk is still supporting Dogecoin or not.

As a meme coin, DOGE does not have strong fundamentals for long-term growth, but such news may boost the price in the short term. So, if you are a long-term holder of Dogecoin, you can continue holding it and wait for a better opportunity to book the profit. Please consult with your financial advisor to make a decision based on your risk appetite.

Scott Cook: Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.