The post Elon Musk Effect Sends Dogecoin To New Highs! Is It The Time For DOGE To Rule Again? appeared first on Coinpedia Fintech News

Dogecoin has been dominating the memecoin sector as it has shown an excellent price potential in the last 24 hours. Dogecoin is currently flying over the crypto space as the Twitter acquisition deal worth $44 billion proposed by Dogecoin influencer elon musk

elon musk
founder, ceo at tesla, spacex
Elon Musk is an enthusiastic cryptocurrency believer, quivering the crypto world through his sparkling tweets. He has a complex relationship with cryptocurrencies. His tweets solely are responsible for the crypto volatility. Musk splendidly purchased $1.5 billion in the king of cryptocurrency. He was born on June 28, 1971, and is based in Pretoria, South Africa. His mother is Maye musk and his father is Errol musk, he is a South African electromechanical engineer, pilot, sailor, consultant, and property developer.
 
He graduated from the University of Pennsylvania, earning a bachelor’s degree in Arts and physics, and the Wharton School, earning a bachelor’s degree in science, and economics. Musk was honored by Axel Springer Award, an annual award given to remarkable personalities who are extremely innovative, build new markets and change markets, shape culture, and confront their social responsibility.
 
In 1995, Elon Musk and Greg Kouri founded a web software company called ZIP2. The company developed and marketed an Internet city guide for the newspaper publishing industry, with maps, directions, and yellow pages.X.com and PayPal: in 1999, he co-founded X.com  which is an online financial service and email payment company. Space X: on 14, March 2002 he founded space x company which provides space transportation services.
 
On July 1, 2003, he founded TESLA. Tesla is an electrical vehicle and clean energy company which designs and manufactures electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and so on. His other activities involve SolarCity and Tesla Energy, Neuralink, the boring company, Managerial style and treatment of employee Hyperloop, openAI music, and ventures. Etc. he made $165 by selling PayPal to eBay. And was first listed on the Forbes Billionaires List in 2002, with a total net worth of $2 Billion.
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is on the verge, and it may make a final call on Friday. This memecoin has made over 20% gain in the last 24 hours as it recently broke its crucial resistance level at $0.066. 

Dogecoin To Witness New Highs!

Dogecoin is currently outperforming in the crypto market as its market capitalization made an exponential rise to nearly 14%. The memecoin has gathered a wide range of investors due to the bullish news of Elon Musk’s acquisition of Twitter as the Dogecoin enthusiast has entered the Twitter headquarter. 

The last few weeks have been quite dull for DOGE as it traded in a range-bound area between $0.063 and 0.059 with less volatility. However, it gained a significant number of holders as it rose to 4,456,459 from 4,365,551 in the last three months. Elon Musk has been a huge supporter of Dogecoin, and his influence is quite impactful in bringing a noticeable price change in this cryptocurrency. 

Edul Patel, the CEO and co-founder of Mudrex mentioned that the bullish rally of dogecoin

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came after Elon Musk’s Twitter acquisition which drew the attention of investors to buy in the dip.

He added, “Markets tend to react more to speculations and hype when a particular event is nearing than during the actual event. A significant rally in the bluechip tokens and altcoins space gives more impetus to the memecoin momentum.”

DOGE Price May Trade Above $0.1

Dogecoin is skyrocketing, and the bull run does not seem to stop here as its green candles continue to register massive spikes in the price chart. According to CoinMarketCap, Dogecoin is currently trading at $0.076 with a market cap of $10.2 billion. 

The daily price chart of DOGE reveals that the memecoin initiated a fresh bullish rally from a low of $0.059 to an intraday high of $0.08150 today. The RSI-14 graph is rising vertically and trading near the level of 80, hinting at an overbought zone that may soon crash if the hype ends. The Bollinger band’s upper limit is $0.08, which is near the EMA-200 trend line. If DOGE maintains its price above $0.08, we can expect a further upward rally to $0.1. 

Conversely, the Bollinger band’s lower limit is $0.056, which is a crucial support level in the DOGE price chart. If Dogecoin drops below its support level, it can plunge hard to the bottom and may trade at $0.0488. 

However, the bullish rally is expected to continue as there is ample positive news from the community and its social dominance keeps rising. Dogecoin is relying on rumors as its price jump took place after Elon Musk’s Twitter crypto wallet news and the price may slump hard if it fails to maintain the same hype in the future.