The Dogecoin price is unchanged today, ahead of a relatively busy week, where Elon Musk will host the Saturday Night Live (SNL). DOGE is trading at $0.3844, which is about 15% below its all-time high of $0.45. It has a market cap of more than $49 billion and is the 6th-biggest cryptocurrency in the world.
Dogecoin news: Dogecoin traders will be focusing on the upcoming SNL performance by Elon Musk. He will host it alongside Miley Cyrus in which will likely be the most-watched episode in months. In a tweet yesterday, the Tesla CEO asked some of his 52.5 million followers for ideas for the show. There is also a possibility that he will talk about Dogecoin. Many traders view him as the Dogefather. Therefore, we could see some significant price action ahead of the SNL episode.
Dogecoin has also risen as more influences continue supporting the currency. Mark Cuban, the billionaire owner of Dallas Mavericks has been supportive and even allowed fans to buy tickets using the currency. WSB Chairman, an influential Twitter user with more than 1 million followers has also expressed his support for the currency.
The daily chart below shows that the Dogecoin price has been bouncing back lately. This is after it crashed to a low of $0.1588 in April this year. Indeed, it has pared back some of the losses it made last month. Along the way, the pair has formed what looks like a cup and handle pattern. The top part of this pattern is at the ATH at $0.45. In addition, the pair has formed a small ascending channel that is shown in orange.
Therefore, in my view, I suspect that the pair will continue to rebound this week as bulls target its ATH. However, a drop below the important support at $0.30 will invalidate this trend.
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