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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?
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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Dogecoin Registers 4% Increase Following Elon Musk’s Latest Post – Key Levels To Watch

Ronaldo Marquez
Ronaldo Marquez
Last Updated: September 13, 2024 5:00 am
3 mins read
Bitcoin

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Dogecoin (DOGE), the leading meme coin in the crypto sphere, witnessed a notable uptick on Thursday, propelled by the influential backing of Tesla and SpaceX tycoon Elon Musk, a longstanding advocate of the digital asset. 

Musk once again showcased his support for Dogecoin through a cleverly crafted social media post, triggering a surge in the token’s value and stirring reactions across the cryptocurrency community.

Elon Musk’s DOGE Humor Boosts Price, Michael Saylor Chimes In

In a characteristic move on Thursday, the tech mogul, who now owns the social media platform X (formerly Twitter), addressed two topics in a single post. 

Elon Musk referenced former President Donald Trump’s proposal for him to spearhead a government efficiency commission, encapsulating the idea with the phrase “Department Of Government Efficiency,” cleverly abbreviated as DOGE. 

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This playful nod not only fueled a rally in Dogecoin’s price but also prompted responses from industry figures like Michael Saylor, a prominent Bitcoin proponent, who retorted with the acronym “Banish, Tedious, Complexity” (BTC), underscoring the enduring appeal of Bitcoin.

This recent episode follows Musk’s earlier engagement with the Dogecoin community, where an X post featuring an image of the billionaire spelled out the word DOGE, triggering a price resurgence for the cryptocurrency. 

Subsequently, DOGE’s value experienced a revival, inching closer to the $0.10 mark. Despite a modest pullback, the token secured a 2% increase on Sunday, reclaiming the $0.096 threshold.

Dogecoin Price Analysis

Musk’s latest social media intervention has propelled Dogecoin towards $0.101, marking a substantial surge of nearly 4% over the past week and over 2% within the last 24 hours. 

Nonetheless, the daily trading volume for the meme coin has not mirrored this bullish momentum. CoinGecko data indicates a $508 million trading volume in the last 24 hours, reflecting a 10% decline amidst broader market uncertainties.

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Preventing further gains for the token, DOGE is still trading just below its 200-day exponential moving average (EMA) at $0.107, which could act as a short-term resistance wall for bullish investors in the scenario that the current momentum continues. 

This is also because Dogecoin has seen additional downward pressure in longer time frames, amounting to nearly 4% over the past month, mirroring the struggles of major cryptocurrencies that have failed to regain higher levels. 

Furthermore, the prevailing bearish market sentiment, compounded by the lack of significant macroeconomic catalysts, has hindered the potential for further price upside across the digital asset landscape.

Dogecoin
The daily chart shows the Dogecoin price uptick recorded on Thursday following Musk’s post. Source: DOGEUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

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Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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