Dogecoin price continues to show strength following Elon musk’s Twitter acquisition. In today’s trading session, it is up by 2 per cent, extending yesterday’s 12 per cent price surge. Since October 25, when reports of the acquisition were certain, Dogecoin’s price has surged by more than 150 per cent.
The current price surge happened despite Musk not having the cryptocurrency. Part of the reason for this is due to Musk’s outsized impact on the crypto, having contributed to its enormous rise from an obscure memecoin early last year to its current position as the eighth largest cryptocurrency in the world with a market capitalization of over $19 billion.
As the world’s richest person, Musk promoted Dogecoin on Twitter and other mainstream platforms early last year, which resulted in the project gaining traction and its price surging by thousands of percentage points. However, throughout 2022, the project has suffered heavy losses, and before the current price surge, it was down by 66 per cent.
Today’s trading session follows a streak of two consecutive bullish sessions that have resulted in the Dogecoin price surging by over 20 per cent. The chart below also shows that, since October 25, when the current bullish surge began, Dogecoin price has gained more than 150 per cent. The chart also shows indicators such as Williams Alligator giving strong signals that the current trend is bullish and likely to continue for the foreseeable future.
Therefore, using the recent Dogecoin price action, I expect the current bullish trend to continue for the next few trading sessions. There is a high likelihood we might see prices moving past the $0.15 and possibly trading above the $0.2 psychological level. However, should the prices drop below this week’s price low of $0.11, my bullish analysis will be invalidated. It will also mean Dogecoin has lost its bullish momentum.
This post was last modified on Nov 02, 2022, 10:04 GMT 10:04