Elon Musk causes another Dogecoin pump: Should you buy DOGE?

Elon Musk causes another Dogecoin pump: Should you buy DOGE?
фото показано с : invezz.com

2021-2-4 18:39

Dogecoin (DOGE) has experienced yet another price surge as the CEO of Tesla and SpaceX, Elon Musk, posted a tweet praising the cryptocurrency. Should you buy DOGE right now, wait a bit, or skip on it entirely?

Fundamental analysis: just another Dogecoin hype pump (and dump)

Meme-based cryptocurrency Dogecoin had quite a wild price movement as various players enter the market. Its price surged in recent hours as the world’s richest man, Elon Musk, endorsed it. DOGE’s price shot up instantly, briefly posting gains of 50% and a record price of $0.0599.

Musk, who is well-known for name dropping both Dogecoin and Bitcoin on Twitter, stated that he was taking a break from all of it “for a while,” returned to post a symbolic picture of a rocket and the moon. “Doge,” he added in a comment that followed, with the later tweet reading “Ur welcome.” His last tweet’s image was Dogecoin’s Shiba Inu mascot posing as Simba in Disney’s film, “The Lion King.”

ur welcome pic.twitter.com/e2KF57KLxb

— Elon Musk (@elonmusk) February 4, 2021

Dogecoin’s overall outlook depends entirely on the hype created around it, and isn’t based on any fundamental or technical factor at the moment.

DOGE has posted weekly gains of 292.63%, beating BTC‘s 16.72% and ETH‘s 21.44% gains by a large margin, respectively. Dogecoin is currently trading for $0.05, and takes up the 12th place in the market cap top20 cryptocurrencies. The project currently boasts a value of $6.43 billion.

DOGE/USD technical analysis: DOGE pump reaches the $0.6 mark before dumping

Dogecoin has left the sideways trading action on 3 February, and started to slowly move up. Musk’s tweet further enhanced the push and pumped the price, making it reach close to its all-time highs. However, as the bulls reached exhaustion, the price started to drop, and DOGE will most likely fall below the 38.2% Fib retracement level it is currently testing.

DOGE has decent support around the 50% Fib retracement level of $0.04, as well as the 61.8% Fib retracement level of $0.033.

DOGE/USD 4-hour chart

DOGE’s RSI on the daily time-frame has briefly entered the overbought territory, but is currently just under it. Its value is sitting at 69.01.

DOGE/USD 1-hour chart

DOGE’s hourly time-frame shows exactly how Elon Musk’s tweet caused a massive spike of Dogecoin buyers to step into the market. The price shot up to as high as $0.6 before dropping down. However, DOGE is still keeping some of its gains as it holds above the $38.2% Fib retracement level of $0.483.

The drastic drop in volume post-Musk’s tweet is surely a discouraging indicator for DOGE buyers, as it will eventually lead to its price dropping to previous levels, or somewhere around them.

The post Elon Musk causes another Dogecoin pump: Should you buy DOGE? appeared first on Invezz.

origin »

Dogecoin (DOGE) на Currencies.ru

$ 0.1392 (+0.30%)
Объем 24H $1.169b
Изменеия 24h: -3.83 %, 7d: -6.82 %
Cегодня L: $0.1384 - H: $0.1401
Капитализация $22.49b Rank 9
Цена в час новости $ 0.0463115 (200.57%)

dogecoin doge another elon buy should pump

Источник: invezz.com

dogecoin doge → Результатов: 126


Is DOGE dead? why 50% analysts think it will fall 80% in 2026 as altcoins with real utility capture attention

The debate around Dogecoin’s downfall has returned, with nearly half of analysts forecasting that the meme coin could lose as much as 80% of its value by 2026. Despite hype surrounding a U.S. DOGE ETF and whale accumulation, experts argue that Dogecoin’s lack of fundamentals will make it difficult to compete with upcoming PayFi tokens, […]

2025-9-11 13:27


Dogecoin (DOGE) rises to $0.2257 with a 44% monthly surge but analysts say this token will bring much higher gains to early investors in 2025

Dogecoin (DOGE), the widely celebrated meme cryptocurrency, has seen an impressive 45% gain over the past month, currently trading at $0. 2404. This increment has captured significant attention from the crypto community, driven by heightened whale activity and bullish market sentiment.

2025-5-24 22:00


Dropping Dogecoin From Crypto Holdings? Coldware Completes 91% Of Presale Stage 1

Dogecoin (DOGE), once the poster child of meme-driven investing, is back in the headlines with analysts forecasting a potential 120% rally in April 2025. While that sounds promising on paper, many investors aren’t convinced it will be enough to keep Dogecoin (DOGE) relevant—especially with newer, utility-first projects like Coldware (COLD) quickly gaining traction.

2025-4-2 21:00


Dogecoin (DOGE) unlikely to hit $2, but $1.4 is within reach; Mutuum Finance (MUTM) gears up for 23401% surge in just  3 months

Dogecoin (DOGE) is the long-time favorite meme coin, captivating investors with its huge returns. Dogecoin is currently at $0.26, a modest increase of 0.15% from the previous close. While the $2 for Dogecoin dream remains on people’s tongues, all analyses point to a more viable target in the form of $1.4. This prediction is being […]

2025-3-4 22:15


Фото:

Dogecoin готовится к росту? Илон Маск заявил, что пора использовать DOGE по-крупному

Назначение Маска в новый департамент 2024 год стал прорывным для Dogecoin (DOGE). Мем-коин обновил трехлетний максимум, а также стал символом новой инициативы избранного президента США Дональда Трампа — Департамента правительственной эффективности (D.

2024-12-30 15:19


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

$25M DOGE whale alert: Can THIS crucial zone spark Dogecoin rally?

Key Takeaways  How does the first half of the analysis reflect DOGE’s resilience despite the whale inflow? The charts show DOGE holding key support, while netflows, price structure, and early momThe post $25M DOGE whale alert: Can THIS crucial zone spark Dogecoin rally? appeared first on AMBCrypto.

Dogecoin: Can DOGE breakout despite $700M whale sell-off?

Key Takeaways How are traders battling? Mid-tier whales bought 4.72 billion DOGE, while the big ones sold $700 million worth of the memecoins. Did DOGE price react? Dogecoin demonstrated resiliencThe post Dogecoin: Can DOGE breakout despite $700M whale sell-off? appeared first on AMBCrypto.

Dogecoin - Another 18% price drop may be on the cards because...

Key Takeaways What is the short-term outlook for Dogecoin? Though there seemed to be some evidence for accumulation on-chain, it likely isn't enough to prevent another 18% price slide . Why is suchThe post Dogecoin - Another 18% price drop may be on the cards because... appeared first on AMBCrypto.