Elon Musk Saves Dogecoin (DOGE) from CRASHING
- 王林Original
- 2024-09-08 09:34:13336browse
If Musk hadn’t made a post on X, there was a high possibility that DOGE's price would have declined by 20%. DOGE’s Relative Strength Index (RSI) has formed a bullish divergence indicating a potential trend reversal.
Elon Musk might have just saved Dogecoin (CRYPTO: DOGE) from crashing further.
Here's what happened: Amid the broader market sell-offs by whales and institutions, several cryptocurrencies experienced a price decline.
Among them, DOGE breached its crucial support level of $0.094 and declined continuously, reaching the lower levels of $0.088.
During this downturn, Musk shared an AI-generated photo of himself with the moniker "D.O.G.E." on X (NYSE:X, previously Twitter) while citing the Department of Government Efficiency.
Department of Government Efficiency pic.twitter.com/HFeHYNIkJN
The post on X went viral, garnering the attention of 44 million users and receiving half of a million likes within 12 hours. Following this post, DOGE experienced a price recovery, climbing back above the crucial support level.
If Musk hadn't made a post on X, there was a high possibility that DOGE's price would have declined by 20% to reach the $0.071 level.
Dogecoin Price Prediction: What Now?According to expert technical analysis, DOGE is at a crucial support level of $0.094, whereas its Relative Strength Index (RSI) has formed a bullish divergence on a daily timeframe.
This indicates a potential trend reversal from a downtrend to an uptrend, which traders and investors often view as a buy signal.
Based on the historical price momentum, there is a high possibility that DOGE could surge by 20% to reach the $0.113 level in the coming days.
However, the technical indicator, 200 Exponential Moving Average (EMA), indicates that DOGE is in a downtrend.
At press time, DOGE is trading at a price of $0.0948 with a surge of over 4.5% in the last 24 hours.
Meanwhile, its trading volume is down by 23% during the same period, indicating lower participation from traders amid a volatile market.
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