On September 7, 2024, Tesla founder Elon Musk saved the price of Dogecoin (DOGE) from crashing amid bearish market sentiment.
As the cryptocurrency market faced a downturn on September 7, 2024, with whales and institutions selling off their holdings, the price of Dogecoin (DOGE) experienced a decline due to the sell-offs.
As a result, DOGE breached a crucial support level at $0.094, causing the price to drop further and reach a low of $0.088.
During this time, Elon Musk, the founder of Tesla and the owner of X (formerly Twitter), shared an AI-generated photo of himself with the moniker "D.O.G.E." on X while referencing the Department of Government Efficiency.
Musk's post on X quickly gained attention, with 44 million users engaging with the post and half a million users liking the post within 12 hours. Following Musk's post on X, DOGE experienced a significant price recovery, rising back above the crucial support level.
If Musk hadn't made a post on X, there was a possibility that DOGE's price could have experienced a 20% decline, dropping to the $0.071 level.
According to technical analysis by an expert, DOGE is at a crucial support level of $0.094, while 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 possibility that DOGE could experience a 20% surge, reaching the $0.113 level in the coming days. However, the technical indicator named the 200 Exponential Moving Average (EMA) suggests that DOGE is in a downtrend.
At press time, DOGE is trading close to $0.0948, having experienced a price increase of over 4.5% in the last 24 hours. Meanwhile, its trading volume has decreased by 23% during the same period, indicating less participation from traders amid a volatile market.
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