Dogecoin Price to Hit 160-Day Barrier After Elon Musk’s Tweet: Bull Trap or Rally?
The post Dogecoin Price to Hit 160-Day Barrier After Elon Musk’s Tweet: Bull Trap or Rally? appeared on BitcoinEthereumNews.com.
Dogecoin price shows a modest 0.12% surge to $0.095 during the less volatile weekend. Along with the market upswing, the DOGE price recently bounced from the $0.09 floor as Billionaire Elon Musk shared a post on X about the Department of Government Efficiency with the D.O.G.E acronym. However, the sustainability of this recovery remains uncertain as DOGE approaches a multi-month resistance. Dogecoin Price Climbs on Trump-Musk Collaboration Former U.S. President Donald Trump announced during his Thursday speech at the Economic Club of New York that, if re-elected, he plans to establish a government efficiency commission in collaboration with Tesla founder Elon Musk. In agreement with this proposal, Musk has actively promoted the idea of a government efficiency commission on X (formerly known as Twitter) with a post showcasing an AI-generated image of him and the acronym D.O.G.E. The tweet triggered a sudden pump in DOGE price to hit a $0.095 high on Friday. However, this upswing may lack sustainability as the asset trades close to the multi-month resistance trendline at $0.1. According to Intotheblock analytics, the potential buyers could face supply pressure from nearly 16 Billion DOGE from 242.8k Addresses before the $0.1 breakout. The holders, as mentioned earlier, are currently in a loss and could sell their asset at breakeven, DOGE Price Awaits Major Breakout Since last month, the Dogecoin price has traded between $0.115 and $0.091 at horizontal levels. This consolidation may reflect a lack of initiation from buyers or sellers, but the broader chart analysis shows the formation of a falling wedge pattern. The chart pattern leads to a steady downtrend within two converging trendlines before the buyers give a massive breakout. By press time, the DOGE price trades at $0.095, while the market cap boosted to $13.9 Billion. If the bullish momentum persists, the coin price…
Filed under: News - @ September 8, 2024 9:16 pm