Elon Musk Bets on Dogecoin Again! How will this impact DOGE Price

The popular meme coin, DOGE experienced a massive rally following the pump on Reddit and Twitter. It was around this time that retail traders started to hype up the coin, amid the history-making Reddit rally of GameStop and other stocks.

Miners Garden
Miners Garden

As reported by coinpedia, the meme coin surged more than 800% last week hitting $0.088 on major exchanges. But, a correction started soon after and the doge price plunged heavily reaching $0.02.

Elon Musk’s Strong Instincts On DOGECOIN

In a recent interview on Clubhouse, the world’s richest person claimed he often makes jokes about “Dogecoin” but they are really just meant to be jokes.

Elon musk claimed that :

Dogecoin is a made a joke to make fun of cryptocurrencies, but “fate lives irony”. “The most entertaining outcome is the most likely.” The most ironic outcome would be dogecoin becoming the currency of the future.

DOGE Price Analysis

However, At a press time when the major cryptocurrencies are bleeding red, the DOGE coin is showing bullish signals. Today, during the early trading hours DOGE price rallied more than 50%. 

At press time Dogecoin price today is $0.039388 USD with a 24-hour trading volume of $10,040,170,462 USD. Dogecoin is up 36.25% in the last 24 hours. The current CoinMarketCap ranking is #14, with a market cap of $5,048,667,899 USD.

DOGE coin price

As per the above daily chart, there is a bullish pennant pattern formed. This is due to some previous buyers exit to take profit. Therefore, while there are substantial risks of investing in Dogecoin, it’s a good idea against going short at this time. The technicals indicate that bulls will attempt to retest last week’s high of $0.0736.

 DOGE is currently trading at $0.040469 with 48.75% up in the last 24 hours according to Coinmarketcap. 

DOGE price rally

As per the 4-hour chart, the SuperTrend indicator and  Parabolic SAR points indicate the bullish signals. However, to jumpstart the uptrend, Dogecoin must overcome the hurdle at $0.060. 

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