Dogecoin (DOGE) Holds The Line At $0.30

It has been another active week for Dogecoin (DOGE), marked by a strong rally above $0.30. However, the past 24-hours have been no picnic for altcoins on the cash markets. DOGE (-2.57%), Tron TRX (-1.39%), Polkadot DOT (-0.85%), and Litecoin LTC (-0.73%) are all in the red. Conversely, Ripple XRP (+3.27%) is showing strength above the $1.35 level.

For Dogecoin, timely tweets from celebrities always seem to drive prices. This week has brought a few notable Twitter entries, from the likes of Tesla CEO Elon Musk and billionaire investor Mark Cuban. The result has been a rebound above $0.30 and a paring of 22 April’s losses:

• Musk: “The Dogefather. SNL May 8.”
• Cuban: “Because Doge is the one coin people actually use for transactions. We take many others via @BitPay. But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to its growth is that you can’t spend the Doge you buy on Robinhood.”

Of course, institutional adoption is always a key crypto market driver. In response to Cuban’s tweet, Robinhood co-CEO Vlad Tenev made an interesting statement:

• Tenev: “We’re working on deposits and withdrawals! Not just for DOGE, but for all coins on Robinhood Crypto.” 

At this point, Tenev’s statement is another game-changer in the cryptosphere. Robinhood is one of the largest retail brokers in the world; if they add Coinbase-type functionality, it’s one more big step toward mainstream adoption.

Timely Tweets Send Dogecoin (DOGE) North

As you can see on the 4-hour Dogecoin chart below, Musk, Cuban, and Tenev sent DOGE quickly higher. Now, prices are on the pullback, searching for an area of fair value.

Bottom Line: If we see Dogecoin continue its short-term pullback, I’ll be looking to buy from $0.29. With an initial stop loss at $0.26, this trade produces 10% ($.03) on a standard 1:1 risk vs reward ratio.

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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