Dogecoin Price Analysis: DOGE Price Sustains Uptrend Ahead of Elon Musk Hosted SNL
- Dogecoin correction from $0.7 bounces off $0.5 support, stepping above $0.6.
- Elon Musk asks investors to be cautious with Dogecoin rallies ahead of his SNL appearance.
Dogecoin’s rally did not make it past $0.7, allowing bears to take control momentarily. Support at $0.6 failed to hold; thus, the bearish leg extended to $0.5. Meanwhile, bulls refused to suffer under the bears’ hands, forcing them to put their best foot forward in the search for gains above $0.60. If the technical picture continues to improve, DOGE will shrink the gap to $0.7 and perhaps clear the path to $1.
Elon Musk cautions investors on Dogecoin rallies
The founder of Tesla, Elon Musk, has asked investors to be wary of going all-in on Dogecoin ahead of his appearance on Saturday Night Live. His last appearance saw the meme coin make one of the biggest moves ever, rising to the fourth-largest crypto asset in the market.
Elon told his fans on Twitter that “cryptocurrency is promising and, therefore, “invest with caution.” Although the billionaire believes that crypto is the future, he does not advise people to put all their life savings in digital assets.
Dogecoin rally calms ahead another liftoff
The meme coin has settled above $0.6 ahead of Elon Musk’s hosted show. Investors anticipate another liftoff ahead and after the show. Holding onto the support at $0.6 keeps the bulls focused on higher levels, whereby $0.7 is a conservative prediction and $1 the ultimate medium-term goal.
A comprehensive look at the Moving Average Convergence Divergence (MACD) adds credibility to the expected upswing. The bullish outlook comes after the MACD line (blue) sustained the position above the signal line.
DOGE/USD four-hour chart
Looking at the other side of the picture
Dogecoin depends on support at $0.6 to continue with the uptrend ahead of the weekend session. However, if lost, overhead pressure is bound to increase. Tentative support areas at $0.5 and the 50 Simple Moving Average (SMA) will be jeopardized. If push comes to shove, Dogecoin will test the anchor at $0.25 and $0.1, respectively.