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Dogecoin (DOGE) Price Stand Elevated With Mention From Elon Musk, But Till When?

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Highlights
  • Dogecoin price witnessed yet another long jump of more than 28% and still counting, as Elon Musk Jumps to rescue

  • The asset which undergoes just a short-lived rally, each time Elon Musk mentions anything on Dogecoin, could yet again undergo a similar fate

  • The technicals all of suddenly raised showcasing an extreme bullish trend, yet also manifest possibilities of a correction but above the initial levels

The DogeFather hasn’t Tweeted anything about Dogecoin and this may be the reason the asset remained almost dead for most of the time, undergoing only a downtrend and not attempting strongly for a rebound. However, the interpreted CEO of Dogecoin, Elon Musk jumped into its rescue and uplifted the DOGE price of about 30% from the day’s bottom levels. Some sellers are currently extracting profits, yet the price remains close to $0.2 but the question here appears here is ‘Till When?’

After the recent sell-offs DOGE remained extremely bearish without any possibility of a rebound. And hence Mr. Musk announced that Tesla could support some buys using Dogecoin, just to experiment with its response. 

No sooner than Mr.Musk put out his tweet, DOGE price rose viciously hitting the much-required resistance levels at $0.2. No doubt the price has just fallen below, yet the uptrend is still in place. However, it’s not the first time, Elon Musk tried to uplift the Dogecoin price above the resistance levels. No doubt the price reacted positively each time, yet it always remained a short-lived one. 

However, the current spike appears to be a strong one, and hence after the surge, the DOGE price is consolidating along with the upper resistance. Also, the sellers appear to be weak compared to the buyers and hence a substantial uptrend could be pre-programmed after a small accumulation. 

Overall Dogecoin’s price has attained yet another boost and hence the meme token is expected to hover all above the levels. And hence the DOGE price could, however, come again in the race once again. And eventually re-enter the top 10 cryptocurrency list. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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