Can Dogefather Elon Musk Power Moves in Dogecoin (DOGE) This Week?

We are seeing some choppy price action in Dogecoin (DOGE) around the $0.27 level early on Monday after Dogefather Elon Musk took to Twitter on Sunday to discuss cryptocurrencies, the memecoin and more. At the time of writing, DOGE/USD is trading $0.265.

Musk has been one of the biggest celebrity promoters of Dogecoin over the past several months, repeatedly sharing his vision to take DOGE to $1 and even hinting at looking into accepting it as payment for his Tesla cars. This comes a few months after his company started and then abruptly stopped accepting payments in Bitcoin, calling out the crypto king for its energy intensive mining process going against the brand image of Tesla’s energy efficient, electric cars.

Musk Discusses Dogecoin on Twitter Again

On Sunday, Musk once again talked about his future vision for Dogecoin and why its developers need to focus on improving it by making it faster, more scalable and lowering its transaction costs to increase its adoption. He went on to maintain that he did not see the need for the memecoin’s infrastructure to offer more use cases like diversifying into NFTs or support other tokens.

Musk has often praised DOGE and called out its potential to take on BTC as a far more efficient method for conducting digital transactions, thanks to its energy efficient design. On Sunday, he continued with the same narrative, suggesting that Dogecoin had an opportunity to become more practical and efficient than Bitcoin’s lightning network, and become a preferred medium of exchange in the world of cryptocurrencies.

Several critics have alleged that Musk has personal interest in further developing DOGE, to which Musk responded once again, clarifying that he has no involvement with the Dogecoin Foundation. The criticism had been on the rise since August when the Dogecoin Foundation announced its relaunch and mentioned Jared Birchall as one of four board advisors. Birchall’s description mentions him as a legal and financial advisor to Musk, indicating a possible connection between the Dogefather and the leading memecoin.

DOGE/USD Technical Analysis

The bulls returned to DOGE ever since Musk talked about he wanted to become the very first Dogecoin trillionaire, spurring renewed interest among investors in the token. This came after several weeks of sluggish price action in the token, despite a rally in other cryptocurrencies.

Looking at the 4-hour chart of DOGE/USD, we find a bullish bias among moving averages and the MACD. However, the momentum indicator suggests some selling interest as well.

Dogecoin’s price is sitting  right at the pivot point at $0.265 and there seems to be some indecision among investors holding back a stronger uptrend from forming. An uptick in buyers can see this level break and DOGE head higher until encountering resistance at $0.294.