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Musk Effect Could Push The Dogecoin (DOGE) Price Even Higher

Published 11/03/2022, 10:24 AM
Updated 11/03/2022, 10:30 AM
Musk Effect Could Push The Dogecoin (DOGE) Price Even Higher

  • DOGE could see a further upswing in price.
  • The trade setup for DOGE is extremely bullish after a spike in the crypto’s trading volume was recorded.
  • DOGE is currently trading at $0.131 after a 5.35% drop in price.

Elon Musk‘s acquisition of Twitter and his hints of accepting Dogecoin (DOGE) as payment has done wonders for the price of the meme coin over the last week. While some people believe that this “Musk effect” is only temporary, others believe that DOGE could see a further upswing in its price.

Dogecoin / Tether US 1D (Source: CoinMarketCap)

DOGE has been trading along the lowest support for the last four months, but the price of the meme coin made a huge move over the last few days to successfully slice through some of its crucial resistance levels. DOGE now once again trades at the level it traded before the May 2022 crash that was instigated by the Terra disaster.

The DOGE price has successfully surpassed its second target at $0.11397 and is now making strides towards its next target at $0.148.

In addition to this, the trade setup for DOGE is extremely bullish after a spike in the crypto’s trading volume was recorded. According to data from CoinMarketCap, DOGE’s 24-hour trading volume is down over 4% for the day so far and now stands at $3,774,569,541.

Many people believe that after DOGE’s 150% jump, the meme coin could reach its main target of $0.2 before the end of the year.

DOGE is currently trading at $0.131 after a 5.35% drop in price over the last day. The meme coin is still in the green by more than 60% over the last week. With its market cap now standing at $17,397,588,734, DOGE is the 8th biggest crypto in the market.

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Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Musk Effect Could Push The Dogecoin (DOGE) Price Even Higher appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Yeah, higher, a moon shot is likely to happen even! Dog💩 to da mooooooon
But elon musk is selling now….. watch the id wallet of elon musk
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