🔥🔥🔥 #Dogecoin Price to Hit 160-Day Barrier After #ElonMusk’s Tweet: Bull Trap or Rally?
Dogecoin Price Shows Modest Increase Amid Weekend Calm
- Dogecoin ($DOGE ) has experienced a slight 0.12% rise to $0.098 over the quieter weekend period. This uptick comes after the price bounced off the $0.09 support level, influenced by a recent post from billionaire Elon Musk on X (formerly Twitter) featuring the acronym D.O.G.E. in reference to a proposed Department of Government Efficiency.
Elon Musk & Trump’s Influence on Dogecoin
- Former President Donald Trump announced plans to establish a government efficiency commission in collaboration with Tesla’s Elon Musk if re-elected. Musk has endorsed this idea on X, sharing an AI-generated image of himself with the D.O.G.E. acronym. This tweet resulted in a brief surge in DOGE price, reaching $0.098 on Friday.
- DOGE's recovery faces uncertainty as it nears a key resistance at $0.10. Analytics show 16 billion DOGE across 242,800 addresses may create selling pressure, potentially hindering a breakout as many holders may sell to break even.
Dogecoin Price Faces Key Resistance
- Over the past month, DOGE has traded between $0.115 & $0.091, indicating a consolidation phase. This period of sideways movement reflects a potential lack of decisive action from buyers or sellers. Chart analysis reveals a falling wedge pattern, suggesting a downtrend within converging trendlines before a potential breakout.
- Currently, DOGE is trading at $0.098 with a market cap of $13.9 billion. If bullish momentum continues, DOGE could rise by 5% before facing significant resistance at the overhead trendline. Should sellers maintain control, the price might retreat to the $0.08 support level.
- Additionally, DOGE is trading below the daily EMAs (20, 50, 100 & 200), indicating that resistance could be stronger. A successful breakout from the falling wedge pattern could drive the price to $0.11, with potential further gains to $0.144.
Source - coingape.com
