Dogecoin springs out: 37 percent increase!
Elon MuskThe meme token Dogecoin (DOGE) backed by has gained 37 percent in the past 24 hours. It would not be wrong to say that Musk has a hand in this business.
Last night, Elon Musk changed the logo of social media giant Twitter to Doge. With the new logo of Musk’s Twitter featuring a Shiba dog symbolizing the meme token Dogecoin, DOGE The price began to increase rapidly.
Elon Musk is looking to launch Dogecoin into space
Like a belated April Fool’s prank, Twitter has dropped the official bluebird logo. DogecoinHe changed it to imitate the Shiba Inu dog, the symbol of . Later, Musk shared a tweet confirming the change.
— Elon Musk (@elonmusk) April 3, 2023
As it is known, Musk has been with his encrypted Tweets for years. Dogecoin dictated the price. It looks like he has taken all the strings. He is also the CEO of electric car brand Tesla. Elon Muskwhen it first bought Twitter Twitter discussed the possibility of adding a DOGE payment option for subscription services.
On the other hand, Musk’s other companies Tesla and SpaceX also use it as a payment method. DOGE It is useful to remind you that you accept it.
As known DOGE price, retracing some of the gains it has made since then, as low as $ 0.092. However, Musk’s new move redistributed all the cards in the name of Dogecoin.
In the past days Elon Muskattempted to end the $258 million lawsuit filed against him for allegedly pumping the DOGE price. Many in the crypto community, on the other hand, think that this move has an impact on the movement in the price of Dogecoin.
What’s the next level for DOGE price?
From a technical perspective, Dogecoin experienced a short-term pullback after testing a strong sell area (purple) as resistance, shown below. Moreover, DOGEThe daily relative strength index (RSI) has entered the overbought territory, increasing the expectations for a correction in the coming days.
In conclusion, DOGE A potential pullback scenario for April could result in a 10 percent drop from its current price to $0.089 as its next downside target in April. It is worth noting that this target level also acted as resistance during the uptrend in January and February earlier this year.
It may interest you: Impact of Dogecoin (DOGE) developments on the crypto market
Moreover, a stable close below $0.089 for DOGE is thought to allow the market to see $0.08 as the next downside target by April or May.
By contrast, independent analyst Crypto Kaleo predicts Dogecoin will gain around 125 percent over the long term as it approaches a break above the long-standing descending trendline resistance.
Finally, Kaleo said, „I think $0.25 is a reasonable target when DOGE breaks above the downtrend in the high time frame here.“
This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making a decision.
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Elon Musk’s latest move to change his Twitter logo to feature the Shiba dog symbolizing Dogecoin (DOGE) has caused the meme token to gain 37% in the past 24 hours. Musk’s focus on DOGE has had a significant impact on its price, and there are rumors that his electric car brand Tesla and his space exploration company SpaceX may also use DOGE as a payment method. Despite a potential pullback scenario resulting in a 10% drop to $0.089 as its next downside target in April, independent analyst Crypto Kaleo predicts that Dogecoin will gain around 125% over the long term and reach a target of $0.25 when DOGE breaks above the downtrend in the high time frame.
