It would appear that Elon Musk’s latest tweets are causing an increase in Dogecoin price prediction bets. Dogecoin’s most famous pairing (DOGE/USDT) is currently trading at 7.83% higher. Price had gained as much as 10% on the day, but some profit-taking at the 0.2643 resistance has led to a shedding of some gains.
Cointrendz data shows that Dogecoin was the fifth-most discussed token on Twitter. However, it has been overshadowed by its parody coin Shiba Inu, which saw a massive 300% gain two weeks ago.
So far, the only factor pushing Dogecoin’s price is the tweets made by Musk. A further advance on the DOGE/USDT pair would need some additional fundamental push.
The price has burst out of the consolidation area, which completes the bullish flag pattern. However, the 0.2643 resistance serves as the immediate pitstop for the bulls. Bulls need to uncap this price level for a new surge towards 0.3105, the price barrier that slightly exceeds the completion point of the measured move at 0.2800. 0.3496 is where the previous high of 15 August resides; this is the next upside target in line.
On the flip side, the failure of the bulls to overcome the 0.2643 resistance could lead to a pullback, which targets 0.2195 initially. A further decline takes the price action towards the support level at 0.1961. 0.1642 (22 June low) is the next target to the south.
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This post was last modified on Oct 18, 2021, 13:03 BST 13:03