Musk’s Comments, Market Sentiment Push Dogecoin Back Above $0.20
Aiswarya Gopan • 2 min read
The memecoin leader Dogecoin (DOGE) is experiencing quite the surge in early trading on Monday, up by almost 25% for the week, after the sentiment turns favorable towards cryptocurrencies in general and drives investors back towards the market. At the time of writing, DOGE/USD is trading at around $0.218.
Dogecoin is making its way back up, all thanks to its lead promoter and ‘Dogefather’, Elon Musk and his theory that DOGE isn’t a speculative asset but can be considered as real money. At the B-Word conference, he also admitted that the memecoin was part of his portfolio, further hiking buyer interest in DOGE and driving its value higher.
Musk’s comments did more than just drive Dogecoin’s price higher – the social sentiment towards the cryptocurrency is also booming over the past few days, as per data from Santiment. After peaking in May, the social sentiment had been on the decline in keeping with the overall market sentiment towards digital currencies and Dogecoin too. However, it started peaking again last week after Musk’s positive statements and actions.
Dogecoin is also enjoying increased interest thanks to Axe’s latest campaign surrounding the launch of its latest offering – Dogecan, a scent inspired by the cryptocurrency. Making the most of the bullish sentiment in the market, the company has rolled out its marketing campaign for the limited edition product, with its tagline “48H crypto scent”, urging Dogecoin’s fans – #dogearmy, to extend the ongoing rally in the coin.
Key Levels to Watch
On the 4-hour chart of DOGE/USD, moving averages as well as leading technical indicators MACD and momentum are suggesting a strong bullish interest. The memecoin’s price is holding just under the first resistance level at $0.221 after crossing the pivot point at $0.19.
Looking ahead, further buying interest can take Dogecoin past key levels of $0.25 and then $0.30. However, they will encounter resistance at $0.245 and then at $0.299 before this can happen.