On September 7, 2024, Tesla founder Elon Musk saved the value of Dogecoin (DOGE) from crashing amid bearish market sentiment. Because of the vital sell-offs by whales and establishments, the general cryptocurrency skilled a notable worth decline.
Elon Musk Saves Dogecoin from CRASHING
Amid this promoting strain, DOGE breached its essential assist stage of $0.094 and has constantly declined and in addition reached the low of $0.088 stage. Throughout this downturn, Elon Musk shared an AI-generated photograph of himself with the moniker “D.O.G.E.” on X (beforehand Twitter) whereas citing the Division of Authorities Effectivity.
Nonetheless, the put up on X unfold like wildfire gathered the numerous consideration of 44 million customers, and obtained half of 1,000,000 likes inside 12 hours. Following this put up on X, DOGE skilled a major worth restoration, climbing again above the essential assist stage.
If Musk hadn’t made a put up on X, there was a excessive chance that DOGE’s price would have declined by 20% to the $0.071 stage.
Dogecoin Price Prediction
Based on knowledgeable technical evaluation, DOGE is at an important assist stage of $0.094, whereas its Relative Power Index (RSI) has shaped a bullish divergence on a each day timeframe. This means a possible development reversal from a downtrend to an uptrend, which merchants and traders usually view as a purchase sign.
Based mostly on the historic worth momentum, there’s a excessive chance that DOGE may surge by 20% to the $0.113 stage within the coming days. Nonetheless, the technical indicator named the 200 Exponential Shifting Common (EMA) signifies that DOGE is in a downtrend.
Present Price Momentum
At press time, DOGE is buying and selling close to $0.0948 and has skilled a worth surge of over 4.5% within the final 24 hours. In the meantime, its buying and selling quantity has declined by 23% throughout the identical interval, indicating decrease participation from merchants amid a unstable market.