Dogecoin (DOGE) Jumps Slightly by 1.3% After Tesla CEO Elon Musk Wins Lawsuit
- PHPzOriginal
- 2024-09-01 00:18:14471browse
US District Court Judge Alvin Hellersten dismissed the lawsuit on August 29. The plaintiffs had accused Musk and his electric vehicle manufacturing company Tesla of making
Dogecoin (CRYPTO: DOGE) price jumped 1.3% over a 24-hour period after a U.S. District Court Judge dismissed a lawsuit filed against Tesla (NASDAQ:TSLA) CEO Elon Musk by DOGE investors.
What Happened: Judge Alvin Hellersten dismissed the lawsuit on Monday. The plaintiffs had accused Musk and Tesla of making “material representations” of Dogecoin.
The lawsuit alleged that through X (formerly Twitter), Musk manipulated Dogecoin's price by making statements about the coin, such as labeling it his favorite currency, saying he would put Dogecoin in SpaceX and becoming Dogecoin's CEO.
However, the judge stated that these statements did not warrant an offense, and the plaintiff's complaint was dismissed.
“These statements are aspirational and puffery, not factual, and susceptible to being falsified. They cannot be the basis of [the] lawsuit… and no reasonable investor could rely upon them,” the judge said.
The dismissal led to a small gain for DOGE, which was trading in the green on Monday, even as other top cryptocurrencies saw choppy price movements.
Is DOGE Set For A Rally? The dismissal of the lawsuit led to renewed bullish sentiment around Dogecoin.
According to an X analysis, DOGE had flipped the 100-week Simple Moving Average (SMA) from resistance to support, which could signal an upcoming rally.
Several technical indicators also showed a bullish divergence around DOGE.
The Relative Strength Index (RSI) was seen at 46, indicating that sellers still had control of the price action.
However, the RSI line was seen moving up, forming a higher low, which showed that buyers were entering the market, although they had yet to overpower sellers.
An entry of buyers was needed to support the uptrend.
The RSI also showed a bullish divergence, with the RSI line moving above the signal line, indicating that bullish momentum was in play.
The Moving Average Convergence Divergence (MACD) line also indicated a positive trend for DOGE.
The MACD histogram bars were turning green, and the MACD line had moved above the signal line, hinting at buyers taking charge and more gains to come.
However, traders were advised to await the MACD line flipping to the positive region for confirmation of the bullish sentiment.
DOGE had also flipped the $0.10 resistance level into a support. If buyers stepped in to support the rally, a breakout towards a monthly high of $0.12 was possible.
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