Dogecoin Posts 12% Rally Amid Supporting Tweets from Elon Musk

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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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Azeez Mustapha

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.