- Elon Musk posted on Twitter this past Wednesday to hype up Dogecoin (DOGE).
- This caught investors’ attention as DOGE was one of the only top 10 cryptocurrencies that posted a 24-hour gain.
- Technicals suggested that DOGE may rise to $0.07409 in the next 24-48 hours.
The DogeFather, Elon Musk, hyped up Dogecoin (DOGE) in a tweet made on Wednesday. Although not much was said in Musk’s tweet, it certainly caught the attention of DOGE investors as the meme coin was one of the few top 10 cryptocurrencies that saw its price rise over the past 24 hours of trading.
CoinMarketCap indicated that, at press time, DOGE was worth about $0.07245 after its price increased by more than 2% over the past 24 hours. This meant that DOGE was trading just below its daily high of $0.07275.
Musk’s influence on the crypto market was once again evident as most other top 10 altcoins including Cardano (ADA), Solana (SOL), and Ripple (XRP) all saw their price drop by 4.53%, 5.85% and 6.32% respectively during the time DOGE gained. Meanwhile, DOGE’s 24-hour success also ended up flipping its weekly performance back into the green to +2.17%.
In addition, the meme coin managed to strengthen against both of the market leaders Bitcoin (BTC) and Ethereum (ETH) throughout the past day. As a result, DOGE was up 3.29% against BTC and 2.97% against ETH at press time.
From a technical perspective, the meme coin’s price was challenging the minor resistance level at $0.07152 at press time. Should DOGE’s price close today’s daily candle above this price point, then it may continue to rise to the next key level at $0.07409 in the following 24-48 hours.
On the other hand, a daily close today below the previously-mentioned $0.07152 resistance may put the altcoin at risk of falling to $0.06972 in the coming couple of days. Momentum may favor the bullish thesis, however, as a significant medium-term bullish technical flag was recently triggered.
Over the past 48 hours, the 20-day EMA line crossed bullishly above the 50-day EMA line. This signaled that DOGE’s price had entered into a medium-term positive trend and its price may continue to rise in the next few days.
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