Dogecoin Price Analysis: DOGE Boosted By Elon Musk's Bullish Comments
- Dogecoin price secures support above $0.2 as the crypto market explodes with more than $200 billion.
- Elon Musk presents a bullish theory saying that "Dogecoin is money).
Dogecoin has rallied alongside other cryptocurrencies amid an enormous bullish comeback across the board. The meme coin gained traction in the wake of the freefall to $0.16 last week. As Dogecoin settled above $0.2, the odds for a massive significant breakout increased.
At the time of writing, Dogecoin dances at $0.225 amid a gradually up-trending market. In addition to the break above $0.2, DOGE has cracked several other resistance zones, including the 50 Simple Moving Average (SMA), the 100 SMA, and the 200 SMA.
Elon Musk Key Bullish Comments Keep Dogecoin rolling Upward
The Tesla billionaire and Dogecoin's bull, Elon Musk, had last week appeared at the B Conference discussing matters crypto with Jack Dorsey, the CEO of Twitter, and other key industry figures. Dogecoin, Bitcoin, and Ethereum became the event's winners, where their recovery steadied toward the end of the week.
As Dogecoin closed in on resistance at $0.2, Musk presented another theory on "Dogecoin is money." In the meme, the billionaire resounds that Dogecoin is above the notion of making someone a lot of money; indeed, it is money.
Following Musk's tweets, Dogecoin stretched the bullish leg further, stopping within a whisker of $0.23. At the time of writing, the meme coin has rallied nearly 14% and traded at $0.225. It has also attracted a massive increase in volume to $3.5 billion in 24 hours, suggesting that investor sentiment is improving.
Meanwhile, the uptrend seems intact based on the Moving Average Convergence Divergence (MACD) indicator. A buy signal recently flashed as the 12-day EMA crossed above the 26-day EMA. Besides, the trend following tool also adds credence to the bullish outlook after making it into the positive region. Holding above the mean line (0.00) cements the bulls' position in the market.
DOGE/USD four-hour chart
It is imperative to know that Dogecoin holds above key moving averages, including the 200 SMA, the 100 SMA, and the 50 SMA. An incoming golden cross pattern could pave the way for gains aiming for $0.3. This technical formation is expected to come into the picture as the 50 SNA crossed above 100 SMA, perhaps in the coming sessions.
At the same time, DOGE musk hold dearly to the strong resistance turned support levels such as the 200 SMA and $0.2. With these levels in place, Dogecoin will gain traction heading to $0.3.