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Dogecoin Bucked Crypto Trend Thanks to Elon Musk and SpaceX

Dogecoin investors react to Elon Musk’s tweet announcing Dogecoin payments for SpaceX products, Dogecoin is aiming for $0.090.

News Headlines

  • DOGE gained 4.63 percent on Friday, bucking a broader market trend that saw bitcoin decrease for the third day in a row.
  • Elon Musk gave the cryptocurrency a much-needed boost when he announced that SpaceX would take DOGE for merchandising payments.
  • DOGE is trading below the 50-day exponential moving average, indicating a bearish trend.

Elon Musk’s Twitter feed boosted Dogecoin (DOGE) by 4.63 percent on Friday. DOGE finished the day at $0.0814, partially correcting a 6.15 percent drop from Thursday.

Dogecoin fell to a mid-morning low of $0.076 after a gloomy morning before recovering support. Elon Musk’s SpaceX news pushed Dogecoin to a high of $0.0897 in the early afternoon before falling back.

Dogecoin broke through the First Major Resistance Level at $0.0826 and the Second Major Resistance Level at $0.0873 before ending the day at sub-$0.0810.

The rest of the crypto top ten saw red, with SOL sliding by 5.30% to lead the way down for a second consecutive day.

Elon Musk and SpaceX Deliver a Dogecoin Breakout

The news that SpaceX will take DOGE as payment for items was revealed at the DOGE breakout session. Elon Musk took to Twitter on Friday to announce,

Other facts, like as when SpaceX will start receiving DOGE payments, were not provided.

Related: Twitter Shareholders Sue Elon Musk (Tesla CEO) over ‘Deflated Stock Price

It’s not the first time Elon Musk has had an impact on the price of DOGE. DOGE soared into the top ten cryptos by market valuation last month in response to Elon Musk’s ambitions to buy Twitter.

DOGE received a boost in December when it was announced that Tesla would take DOGE in exchange for apparel.

Dogecoin Price Action

At the time of writing, DOGE was down 0.21% to $0.08125.

Technical Indicators for Dogecoin

A move through the pivot point of $0.0824 would target the First Major Resistance Level at $0.0887 for Dogecoin.

DOGE would require a breakout from $0.085, which would require support from the broader crypto market. The Second Major Resistance Level at $0.0961 and resistance at $0.10 would be tested if the rally continues. $0.1098 is the third major resistance level.

Dogecoin Bucked Crypto Trend Thanks to Elon Musk and SpaceX

If the pivot is not broken, the First Major Support Level at $0.0750 will be tested. DOGE should avoid sub-$0.075 levels until there is another lengthy sell-off. $0.0687 is the second major support level.

It’s a negative indicator based on the EMAs and the 4-hourly candlestick chart (below). At $0.0836, DOGE is trading below the 50-day EMA. The 50-day EMA pulled back from the 100-day EMA this morning. DOGE is negative because the 100-day EMA has retreated from the 200-day EMA.

A break of the 50-day EMA at $0.085 would pave the way for a run at the 100-day EMA, which is now at $0.090.

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