Dogecoin Rally as Elon Musk Pumps the Market with “the People’s Crypto” Rhetoric

25 October 2021 | Updated: 25 October 2021

Dogecoin (DOGE) has recorded a significant spike above the $0.280 following a series of tweets from Elon Musk, who recently described the meme coin as “the people’s crypto.”

Responding to an article from Benzinga noting that one in three US crypto holders own DOGE, Musk tweeted that many Tesla and SpaceX production line workers owned DOGE. The Tesla CEO tweeted that:

“They aren’t financial experts or Silicon Valley technologists.

That’s why I decided to support Doge – it felt like the people’s crypto.”

Before Musk’s tweet, Dogecoin exhibited some positive price action.

Musk first reiterated that he only held Bitcoin (BTC), Ethereum (ETH), and Dogecoin. Shortly after the tweet, DOGE/USD recorded a 5% spike before slumping to its previous level.

Meanwhile, Shiba Inu (SHIB) holders went after the billionaire CEO for a perceived attack on their token, which plummeted by over 10% after Musk said he did not own any.

Before now, DOGE has struggled to record any meaningful bullish progress despite massive bullish gains by other cryptos and meme coins. However, the flagship meme coin currently has the most intraday gains among the top ten cryptocurrencies.

Interestingly, while Musk touts DOGE as the “people’s crypto,” twenty wallets hold over 50% of the total DOGE supply. More interestingly, one wallet accounts for 36,711,947,722 DOGE, a whopping 27.8% of the total supply.

Key Dogecoin Levels to Watch — October 25

DOGE recorded a sharp recovery over the $0.280 line briefly over the past few hours before erasing most of its gains and dropping towards the $0.260 support. I expect the meme coin to post a steady rebound to the $0.270 critical resistance over the coming hours and a possible retest of the $0.280 six-week high.

DOGEUSD – 4-Hour Chart

Trading conditions and volume remains on the lower end giving the ninth-largest cryptocurrency ample room to record more price gains.

Meanwhile, our resistance levels are $0.270, $0.280, and $0.290, and our support levels are $0.250, $0.240, and $0.230.

Total Market Capitalization: $2.60 trillion

Dogecoin Market Capitalization: $34.8 billion

Dogecoin Dominance: 1.33%

Market Rank: #9

 

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Dogecoin (DOGE) Upward Move Is Stalled Below $0.27 Resistance, May Resume Upward

21 October 2021 | Updated: 21 October 2021

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bullish
Dogecoin’s (DOGE) price has broken above the moving averages as the altcoin rallied to the $0.28 resistance zone. On October 6 uptrend, the bulls were resisted at the $0.27 high. Dogecoin declined to $0.22 low and resumed a fresh uptrend. Today, the bulls are retesting the resistance level to break above it. Meanwhile, on October 6 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.618 Fibonacci extension or level $0.38.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 58 of the Relative Strength Index period 14. It indicates that the altcoin is in the bullish trend zone and capable of a further upward move. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

DOGE/USD Medium-term bias: Bullish
On the 4 hour chart, the DOGE price is in an uptrend. The price has broken above the moving averages but faces rejection at the $0.27 resistance zone. Meanwhile, on October 18 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.618 Fibonacci extension or level $0.34.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE’s price is above the moving averages but the uptrend has been stalled. DOGE is below the 80% range of the daily stochastic. The market is in a bearish momentum but the price bars are above the 21-day SMA. The moving averages are sloping upward indicating the uptrend

General Outlook for Dogecoin
Dogecoin is in an uptrend. The current uptrend is stalled below the $0.27 resistance level. The cryptocurrency will rally to $0.34 if the current resistance is breached. The bullish momentum will extend to the high of $0.38.


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Dogecoin Posts 12% Rally Amid Supporting Tweets from Elon Musk

18 October 2021 | Updated: 18 October 2021

The meme coin community witnessed a price rally earlier today, with Dogecoin (DOGE) recording a 12% spike. Meanwhile, other meme coins like Shiba Inu (SHIB), Baby DogeCoin (BABYDOGE), BabyFloki (BABYFLOKI), and many others recorded notable gains.

The renewed rally got sponsored by none other than Elon Musk as he resumes his crypto pump antics. Musk, currently the world’s wealthiest person, tweeted a meme symbol of a dog holding a rocket. This tweet symbolized the billionaire’s support or “call to action” for meme coins, which responded as expected.

Musk later tweeted that: “I’ve thought about and…I’m not sorry for party rocking,” indicating that he is fully aware of the import of his tweet.

Dogecoin rallied from $0.237 earlier today to an intraday high of $0.272. That said, SHIB has recorded the best performance amongst other meme coins in recent times after posting a 325% spike two weeks ago.

Analysts have asserted that meme coins have become more attractive to investors as their global adoption rate rallies. Apart from Elon Musk, several other prominent figures have tweeted and shown support for meme tokens in recent times, further invigorating the community.

With some significant announcements lined up and echoes of plans to re-establish its network, Dogecoin could record some significant gains in the coming weeks.

Key Dogecoin Levels to Watch — October 18

Following a prolonged consolidation below the $0.240 support, DOGE finally broke the 0.250 resistance, peaking above the $0.270 resistance. However, the meme coin has recorded a slight correction towards the $0.260 mark considering the strength of the $0.270 barrier.

That said, DOGE could post a sustained move in either direction over the coming hours. A bearish move towards the $0.225 support is the most likely course of action, considering that a double-top pattern (typically a bearish indication) has emerged.

Dogecoin needs to break above or sustain itself around the $0.270 top to prevent the looming bearish pullback.

Meanwhile, our resistance levels are $0.270, $0.280, and $0.290, and our support levels are $0.250, $0.240, and $0.230.

Total Market Capitalization: $2.45 trillion

Dogecoin Market Capitalization: $34.1 billion

Dogecoin Dominance: 1.39%

Market Rank: #9

 

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Dogecoin (Doge) Fluctuates in a Tight Range, Faces Resistance at $0.24

14 October 2021 | Updated: 14 October 2021

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bearish
Dogecoin’s (DOGE) price is above the 21-day SMA but below the 50-day SMA. The altcoin has been fluctuating between the moving averages. The downtrend will resume if price breaks below the 21-day SMA. Similarly, the uptrend will resume, if price breaches the 50-day SMA. Since October 6, the moving averages are yet to be broken. Today, Dogecoin has found support above the 21-day SMA as the altcoin resumes upward.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

DOGE/USD Medium-term bias: Bullish
On the 2 hour chart, the DOGE price is in an uptrend. The bullish momentum has broken above the moving averages. However, the uptrend was stalled at level $0.24. Meanwhile, on October 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will rise but reverse at level 1.272 Fibonacci extension or level $0.2455.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE’s price is above the 21-day SMA and 50-day SMA which suggests a further rise of the coin. DOGE is below the 80% range of the daily stochastic. The market is in a bearish momentum. The moving averages are sloping upward indicating the uptrend


General Outlook for Dogecoin
Dogecoin is in a downward correction. The altcoin has been fluctuating between $0.22 and $0.26 for the past week. The crypto will trend when the range-bound levels are breached.


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Dogecoin (DOGE) Rallies Stall at $0.25 High, Uptrend doubtful

7 October 2021 | Updated: 7 October 2021

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bearish
Dogecoin’s (DOGE) price has risen to $0.25 after breaking above the 21-day SMA but was stalled below the 50-day SMA. Buyers could not sustain DOGE prices above the 50-day SMA. In other words, the DOGE price could not break above the $0.28 resistance. The bullish run commenced on September 29 which broke above the previous low and the 21-day SMA. If the bulls break above the $0.28 resistance, Dogecoin will be in the bullish trend zone and will retest the $0.32 high.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The crypto has risen to level 60 of the Relative Strength Index period 14. It indicates that the altcoin is in the uptrend zone and it is capable of a further upward move. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

DOGE/USD Medium-term bias: Bullish
On the 1 hour chart, the DOGE price has broken above the moving averages. The price is stuck at the $0.25 high. The Fibonacci tool has indicated a possible upward move of the coin. Meanwhile, on October 7 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.0 Fibonacci extension or level $0.26.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The crypto’s price is above the 21-day SMA and 50-day SMA which suggests a further rise of the coin. DOGE is above the 80% range of the daily stochastic. It indicates that the coin is in a bullish momentum. It is also approaching the overbought region. Further upward move is doubtful as sellers emerge.


General Outlook for Dogecoin
Dogecoin will continue upside momentum if price breaks above $0.28 high. However, the upward move is doubtful as price reaches the overbought region. According to the Fibonacci tool, the market will rise to $0.26 high



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Dogecoin Co-Founder Suggests a Coalition Between Ethereum and DOGE

1 October 2021 | Updated: 1 October 2021

Co-founder of Dogecoin (DOGE) Billy Markus commented on the potential benefits a coalition between Ethereum and the Doge network would bring to the Dogecoin ecosystem.

The tenth-largest cryptocurrency has gained over 6,000% in the past 12 months, peaking at the $0.7310 Level in early May. However, the meme cryptocurrency currently trades down by 70% from its all-time high of $0.7310.

While co-founder Jackson Palmer has criticized the cryptocurrency industry, asserting that DOGE “has become a tool managed by powerful cartels,” Billy Markus adopts a more positive outlook for the cryptocurrency.

On Wednesday, Markus took to Twitter to discuss the crypto asset he helped develop and how to improve the project by “adding two things.” The DOGE co-founder noted that:

“Two things I believe would help Dogecoin: [The] completion of DOGE↔ETH bridge, [and] NFT platforms (e.g. Opensea) allowing for the DOGE-ETH token to be used for purchases.

NFT purchasing is [in] high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility.”

Markus’ proposition comes after similar suggestions from Ethereum CEO Vitalik Buterin in September. Buterin stated that:

“Personally, I hope that DOGE can switch to PoS soon, perhaps using Ethereum code.

“I also hope they don’t cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with Dogecoin’s non-greedy wholesome ethos.”

Key Dogecoin Levels to Watch — October 1

Amid a massive bullish recovery, which helped the crypto market gain 8%over the past 24 hours, Dogecoin appears to be struggling with mustering any significant rally. DOGE continues on its quiet price action due to the absence of trading volume.

DOGEUSD – 4-Hour Chart

We could see DOGE struggle with the $0.2200 resistance in the coming hours, which could push the price back towards the $0.2000 mark. Except more trading volume gets pumped into the market soon, a break above the $0.2200 – $0.2250 seems unlikely.

Meanwhile, our resistance levels are $0.2200, $0.2250, and $0.2400, and our support levels are $02060, $0.2000, and $0.1900.

Total Market Capitalization: $2.07 trillion

Dogecoin Market Capitalization: $28.3 billion

Dogecoin Dominance: 1.37%

Market Rank: #10

 

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Dogecoin (DOGE) Fluctuates Above $0.20 Support, a Decline to $0.16 Is Likely

30 September 2021 | Updated: 30 September 2021

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bearish
Dogecoin’s (DOGE) price has fallen to $0.20 after breaking the previous low at $0.21.Today, crypto is fluctuating above the $0.20 support. Before the recent price fall, the DOGE price broke below the $0.21 support, retested it before resuming the downtrend. Presently, the altcoin has been trading marginally. Meanwhile, on September 7 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extension or level $0.14.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price has a bearish crossover. The 21-day SMA crosses below the 50-day SMA. This indicates a sell signal. The altcoin has fallen to level 36 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and it is approaching the oversold region. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the DOGE price is falling on the downside, the price action is characterized by small body candlesticks called Doji. The Doji candlesticks are consolidating above the $0.20 support. . Meanwhile, on September 7 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.618 Fibonacci extension or level $0.14.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA is acting as resistance to DOGE price. DOGE is above the 70% range of the daily stochastic. It indicates that the coin is in a bullish momentum. This is contrary to the bearish trend. DOGE’s price is below the 21-day SMA and 50-day SMAs which suggests a further downward move.

General Outlook for Dogecoin
Dogecoin is likely to continue falling as the crypto trades in the bearish trend zone. Presently, the altcoin is retesting the $0.20 support which is the historical price level of August. A break below $0.20 support will cause the altcoin to decline to $0.16.

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Dogecoin (DOGE) In a Downward Correction, Revisits Previous Low at $0.23

16 September 2021 | Updated: 16 September 2021

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bearish
Dogecoin’s (DOGE) price has fallen below the moving averages. There is a tendency for crypto to decline on the downside. Following the breakdown on September 7, DOGE plunged to $0.21 as bulls bought the dips. DOGE price corrected up to $0.26 high but faces rejection. From the $0.26 high, the altcoin has been in a downward correction. The market may fall and reach the previous low of $0.22.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
DOGE price is still below the moving averages which indicates that the crypto could easily fall on the downsides. Dogecoin is at level 41 of the Relative Strength Index period 14. The crypto is in the downtrend zone and capable of falling on the downside.

DOGE/USD Medium-term bias: Ranging
On 4 hour chart, the DOGE price is in a downward correction. The crypto is fluctuating between levels $0.23 and $0.26. The crypto’s price has risen to $0.24 in the middle of price range. The coin has reached the overbought region. It is likely to revisit the previous low at $0.23.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE price is above the 80% range of the daily stochastic. It indicates that DOGE is in an overbought region of the market. It indicates that the altcoin is likely to fall as sellers emerge in the overbought region. The 21-day and the 50-day SMA are sloping downward.

General Outlook for Dogecoin
DOGE/USD is in a downward correction. The altcoin will trend upward if the bulls break above the $0.26 resistance. Similarly, the downtrend will resume if price breaks below the $0.23 support level. Presently, the coin is making a downward move.

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Dogecoin (DOGE) Resumes Downtrend, May Revisit Previous Low

9 September 2021 | Updated: 9 September 2021

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bearish
Dogecoin (DOGE) price dropped sharply after failing to sustain above the $0.32 high. The crypto reached the low of $0.21. The crypto’s price corrected upward to $0.25 high. The uptrend is facing resistance at $0.26. There is the tendency of further downsides as price breaks below the moving averages. However, if the bulls break above the $0.26 resistance, the market will rise to the high of $0.28. And if the bullish momentum extends above the moving averages, the uptrend is likely to continue.

Daily Chart Indicators Reading:
DOGE price has broken below the 21-day SMA and the 50-day SMA. This implies that there is the likelihood of further downward movement of prices. Dogecoin is at level 42 of the Relative Strength Index period 14. The crypto is in the downtrend zone and capable of falling on the downside.

DOGE/USD – Daily Chart

DOGE/USD Medium-term bias: Bearish
On 4 hour chart, the DOGE price is in a downward correction. Since September 8, the crypto corrected upward and has been retesting the resistance at 0.26 to break it. Today, DOGE is retracing as it faces resistance at $0.26. Also, buyers are still likely to break the resistance as per price indicator. Meanwhile, on September 8 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.618 Fibonacci extensions or level $0.28.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE price is above the 50% range of the daily stochastic. It indicates that DOGE is in a bullish momentum but it is contrary to the price action. The 21-day and the 50-day SMA are sloping downward.

General Outlook for Dogecoin
DOGE/USD is in a downward move as price breaks below the moving averages. Since September 7, the altcoin has been in downward correction as price fluctuates between levels $0.23 and $0.26. The market is currently falling approaching the previous low.

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Dogecoin (DOGE) Resumes Uptrend, Revisits the Previous High at $0.34

2 September 2021 | Updated: 2 September 2021

Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bullish
Today, DOGE/USD is trading at $0.29 as the altcoin attempts to resume an upward move. In the first uptrend, Dogecoin reached a high of $0.34 but was repelled. On the upside, if the crypto resumes an upward move and breaks the resistance at $0.34, the uptrend will resume. Meanwhile, on the August 16 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 2.0 Fibonacci extensions or level $0.51. The Fibonacci tool if price breaks the resistance at $0.34.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
Dogecoin is at level 55 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.


DOGE/USD Medium-term bias: Bullish
On 4 hour chart, the DOGE price is in an upward move. The uptrend is facing resistance at level $030. The coin is likely to rise as price bars are above the moving averages. Meanwhile, on September 2 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.618 Fibonacci extensions or level $0.33.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE/USD is below the 80% range of the daily stochastic. It indicates that DOGE is in a bearish momentum but it is contrary to the price action. The 21-day and the 50-day SMA are sloping downward.


General Outlook for Dogecoin
DOGE/USD is in an upward move but the uptrend is hindered at the resistance at $0.34. Dogecoin will rise to level $0.51 if the resistance is breached. The market is likely to be range-bound if the resistance remains unbroken.



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Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.