Dogecoin Price Analysis: DOGE Price Spiked Following Elon Musk’s Twitter Antics

Author: Sohrab Khawas

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    CEO of Tesla Elon Musk once again highlighted his interest in crypto. Every time Musk tweets about Bitcoin (BTC) and other cryptocurrencies, there is always a spontaneous positive reaction from the market for Musk’s tweet. On December 20th, at 9:30 UTC, Musk tweeted to his 40 million followers, “One word: Doge.” Dogecoin Price immediately spiked to $0.0047, its highest mark since early July.

    Notably, Elon musk is referred to as the former CEO of the joke coin – Dogecoin. He also mentioned that the dog-meme cryptocurrency was his favorite. 

    Also Read : The Story Behind Dogecoin!

    The previous time Elon Musk tweeted about Dogecoin was in July 2020. At that time he stated that he envisions “Dogecoin standard future.” The statement surged DOGE price by 14%.

    Will Tesla Buy Crypto?

    In a recent article by Binance founder , Changpeng Zhao said that Tesla and Elon Musk will certainly buy crypto. 

    Also Read : Elon Musk’s Favourite – Dogecoin is Going to the moon

    Overall, Whether or not Tesla will buy crypto, but the current influx into the crypto space suggests it will only become more popular among companies like his own as time progresses.

    Dogecoin Price Analysis 

    Dogecoin price trading view

    DOGE price has seen a significant rise over time. Its value was bouncing between $0.00372 and $0.00398. At press time, DOGE is trading at $0.004892 USD with a 24-hour trading volume of $688,886,012 USD. Dogecoin is up 27.20% in the last 24 hours. The current CoinMarketCap ranking is #43, with a market cap of $624,191,531 USD.

    The Bollinger Bands are indicating diverging, signaling incoming volatility. The Signal line remained under the candlesticks, noting that the price was rallying higher. 

    The RSI indicator was close to the overbought zone, but it was pushed down due to a correction. However, it was once again moving to the overbought zone. As per the 4-hour chart, the MACD indicator suggests a bearish divergence.

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