Glimpse of DOGE Shirt Clad Elon Musk Surges the Coins Price by 2+%

  • The price of DOGE rose more than 2% in the last 24 hours following the sighting.
  • Despite the 24-hour gain, DOGE’s price continues to trade below the 9 and 20-day EMA lines.

Altcoin Daily shared a photo of Elon Musk wearing a Dogecoin (DOGE) t-shirt at the Super Bowl today.

The price of the meme coin has seemingly responded positively to the sighting of Musk with the DOGE shirt.  As such, it has risen by 2.59% over the last 24 hours according to CoinMarketCap. Despite the 24-hour gain, DOGE’s price is still down 9.06% over the last week. As a result, the price of DOGE is trading at $0.08404 at press time.

The meme coin’s price has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.24% and 3.18% respectively.

Perhaps the most significant statistic that investors and traders should take note of is the daily trading volume for DOGE, which, at press time, is up more than 230%. This surge in DOGE’s trading volume has propelled the daily trading volume to $703,246,418.

Daily chart for DOGE/USDT (Source: TradingView)

The price of DOGE is trading below the 20-day and 9-day EMA lines at press time following a bearish cross that occurred between the two EMA lines on 9 February, 2023.

This EMA cross caused DOGE’s price to drop to the support level at $0.07799, but traders identified the level as the buy opportunity – causing the price of DOGE to bounce off of the level to climb to its current level.

DOGE’s price was able to break above the 9-day EMA line today and attempted to do the same with the 20-day EMA line. The meme coin’s price did not receive the necessary bullish support upon reaching the 20-day EMA line. However, as it got rejected from the level which resulted in the price of DOGE plummeting back below the 9-day EMA line.

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.

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