How is Dogecoin (DOGE) Trading After Musk Drives Interest Again?

Leading memecoin Dogecoin (DOGE) is experiencing a bit of a bull run over the weekend, supported by “Dogefather” Elon Musk’s comments raining praises on his favorite cryptocurrency. At the time of writing, DOGE/USD is trading at around $0.21.

All it took was one tweet from Musk to move the markets and pull Dogecoin out of its latest slump, after he commented that its attempts to reduce base layer transaction rate and transaction cost with exchanges could potentially give it an edge over market leaders Bitcoin and Ethereum. Musk shared this insight while retweeting a post about the upcoming update to DOGE, increasing investor interest in the original joke cryptocurrency.

Dogecoin’s latest upgrade will not only improve its overall functionality by removing bugs but make it similar to BTC in terms of processing transactions. But what has investors especially excited is that the upgrade will also attempt to significantly lower average transaction fees by as much as 100 times.

The interest in Dogecoin is quite evident, especially when you consider cybersecurity firm BrandShield’s latest insights about how suspicious domain registrations for it surged by over 13,000%, a jump that is 35% higher in comparison with that for Ethereum. Cybercriminals have also been taking advantage of Musk’s interest in their attempt to dupe DOGE investors by linking the coin with Tesla and its CEO.

Key Levels to Watch

On the 4-hour chart of DOGE/USD, most of the moving averages in addition to the momentum indicator are suggesting a bearish bias. Although, the MACD indicator is pointing to some signs of buying interest as well in the memecoin.

However, the price needs to rise above the support at $0.23 and then above the pivot at $0.25 for a confirmation of the bullish mood. In case the bearish moves strengthen further, we could see a breakdown of the current level which is offering support and Dogecoin could slide lower to test support at $0.17.

ABOUT THE AUTHOR See More

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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