Elon Musk Saves Dogecoin (DOGE) from CRASHING Amid Bearish Market Sentiment
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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