Dogecoin (DOGE) on the Rise Ahead of Elon Musk’s SNL Appearance - Forex News by FX Leaders
Dogecoin (DOGE) on the Rise Ahead of Elon Musk's SNL Appearance

Dogecoin (DOGE) on the Rise Ahead of Elon Musk’s SNL Appearance

Posted Tuesday, May 4, 2021 by
Aiswarya Gopan • 2 min read

Popular memecoin Dogecoin (DOGE) has seen a sudden surge since the previous session, returning above the key $0.40 level after leading trading platform eToro announced that it would add the digital asset as an offering to trade on its exchange. At the time of writing, DOGE/USD is trading at around $0.44.

This development will now allow the over 20 million customers of the leading social trading platform to not only purchase Dogecoin tokens but even trade DOGE-based derivatives. On the fundamental front, Dogecoin received another boost after Major League baseball team Oakland A’s announced that it will allow fans to purchase tickets to their games using DOGE tokens.

Although the cryptocurrency started as a joke, it has been gaining significant traction and acceptance among the crypto and mainstream community lately, led by Tesla’s CEO Elon Musk who has tweeted numerous times about the digital token. The memecoin has been in the spotlight and garnering considerable attention ahead of the upcoming SNL show on May 8 which will feature Musk in hopes that he could mention the digital asset and heighten interest in it.

Its current market cap sits above $50 billion, surpassing major companies such as Ford Motor Company and Twitter in terms of valuation at present. Any mention by Musk on the SNL platform could further drive up interest and adoption of this cryptocurrency, which in turn could easily help its current uptrend strengthen even further.

Key Levels to Watch

Leading technical indicator MACD points to a bullish bias in Dogecoin for now, while Stochastic RSI indicates a neutral view on the 4-hour price chart. DOGE faces its next resistance just above the $0.49 level and a break above this can send prices soaring all the way up to $0.64. However, if the resistance succeeds in doing its job, selling pressure could build up and take its price down to below the $0.40 level again.

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About the author

Aiswarya Gopan // Financial Writer & Editor - Asia & Europe Desk
Aiswarya Gopan is a former cybersecurity analyst, tech journalist and market researcher, who joins FX Leaders with over three years of experience in the blockchain industry. Aiswarya's areas of focus include market news out of the Asian and European markets as well as news coverage on cryptocurrencies.
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