Technical Analysis

Doge up over 13% on hopes that Musk will save the day. To the moon!

Doge coin surges

The Musk takeover of Twitter has the crypto crowd excited. Especially, the Doge traders.

Recall, Musk announced in May that Tesla and SpaceX merchandise could be purchased with Doge. What might stop other ideas to prop up the digital currency?

If Musk is still heavily invested in the digital currency, it would certainly help lower his cost of buying Twitter if there was a significant bounce in Doge. Right? At the least, he will enhance his status as the world’s biggest influencer.

Doge trades love Elon Musk

The price of Doge on Coinbase is trading at $0.8744 currently. That is up $0.01046 or 13.63% on the day. Since October 13, the price is up 58.7%. The cycle low reached $0.04908 on June 18. The all time high reached $0.7399 (or so my chart says). So there is a lot of upside.

The FOMO will be hard to pass up for both the crypto and meme crowd, especially since the last year or so has taken the wind out of the free-money/gravy train sails. If those traders can gather a few nickles, they can get into Doge ahead of the moon shot – or that’s the hope.

Technically speaking the price is back above the 200 day MA at 0.07782 for the first time since November 2021. For traders who want to define and limit risk because – well things don’t alway work out as expected – that MA can be close risk. The 100 day MA at 0.06448 can be another risk defining level.

If the FOMO traders are really back in control, they should love to buy at those corrective levels too…

To the moon!


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