Dogecoin and Shiba Inu Poised to Rally as Elon Musk Interviews Donald Trump on X
- 王林Original
- 2024-08-14 12:39:21624browse
Tesla CEO Elon Musk recently interviewed Republican Presidential Contender Donald Trump on X, a move that could spell major gains for canine-themed meme coins
Elon Musk’s recent interview with Donald Trump on X could have major implications for canine-themed meme coins like Dogecoin and Shiba Inu.
Musk has been a vocal supporter of DOGE, and Tesla even accepts payments for select merchandise in the meme coin. Meanwhile, Trump has also expressed support for cryptocurrencies in his bid to secure crypto votes.
At the Bitcoin 2024 conference, the former US President promised to set friendly regulations for the industry if elected in November, as reported by ZyCrypto.
DOGE could be forming a golden cross on the weekly time frame, according to analyst Kevin on X. This technical formation could precede a significant price upswing.
“Dogecoin is still trading in this falling channel on the weekly, and we have a pending weekly golden cross coming within weeks. I think something big is coming soon. Just need BTC to cooperate,” the analyst stated.
Dogecoin is still trading in this falling channel on the weekly and we have a pending weekly golden cross coming within weeks. I think something big is coming soon. Just need #BTC to cooperate. #DOGE #Crypto pic.twitter.com/KZdn8tbFWP
Traders may be positioning themselves for further gains in DOGE, according to data from CoinMarketCap. Trading volumes have surged by 37%, suggesting buying activity.
Moreover, futures trading activity indicates strong investor interest in DOGE. Open Interest has increased by 3% to $480M at the time of writing, as per Coinglass. Funding rates have also turned positive, suggesting an increase in long positions as traders bet on the price increase.
Shiba Inu is also seeing increased activity, with trading volumes jumping by around 33% in the last 24 hours, according to CoinMarketCap.
The SHIB Relative Strength Index (RSI) has bounced from 42 to 52, indicating buying momentum. The Moving Average Convergence Divergence (MACD) line has also shifted above the signal line, suggesting a bullish trend.
According to trader 0xKrisfi on X, the SHIB price could soon see a massive upswing, surging by over 150%.
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