The recent post by Elon Musk accepting Dogecoin as the payment method of its Tesla Merch has had a significant impact on its value. The token increased by more than 20% after Musk’s tweet and is now trading at $0.1807.  Musk has regularly backed Dogecoin and has openly stated that it is superior to other cryptocurrencies at the moment.

“Bitcoin, fundamentally, is not a good substitute for transactional cash.” Even though it was created as a joke, Dogecoin is better suited for transactions.” In an interview with Time Magazine, Musk stated.

Dogecoin prices have risen by more than 20% due to Musk’s remark. This is not the first time Musk’s comment has influenced Dogecoin pricing. In August, Musk’s statement referring to Dogecoin as one of the strongest cryptocurrencies boosted its pricing, with investors witnessing a large increase in Doge prices after Elon Musk’s comment went popular on social media.

Musk is known as the Dogefather due to his ability to influence Dogecoin values through his tweets; one of his social interactions on Twitter identifying Dogecoin as “people’s crypto” drove the currency to climb almost 5859 percent. Dogecoin began trading in 2013 after being inspired by a Japanese Shiba Inu meme, which led the currency to call itself Dogecoin.

Musk has not yet published the specific items that can be purchased using DOGE. The electric vehicle manufacturer has long been a proponent of the memecoin and has openly stated his affection for the meme currency by releasing his private holdings, including significant sums of Bitcoin, Ethereum, and Dogecoin.

The CEO of SpaceX had previously suggested Bitcoin payments for Tesla but then reversed his statement, citing climate concerns. Following Musk’s post, Bitcoin’s value fell by 17 percent, demonstrating the powerful influence that Tesla’s CEO has on several cryptocurrencies.

According to CryptoSlate data, Dogecoin, undergoing a severe decrease in price, increased by around 20% following Musk’s post. DOGE/USD is currently trading at $0.1807, while Bitcoin and Ethereum have dropped 1.70 percent and 3.01 percent, respectively, in the last 24 hours.

Dogecoin (DOGE) Technical Outlook

On the technical front, the DOGE/USD has violated a symmetrical triangle pattern, and now it’s trading at the 0.1787 level. On the daily timeframe, the symmetrical triangle pattern extends resistance at 0.2227 level while the support holds around 0.1560 level.

A spike in selling pressure can violate 0.1560 support to lead its prices towards the 0.1225 level. Alternatively, the 50 EMA is likely to extend resistance at 0.2220 level. Selling bias dominate under 0.2220 and vice versa. Good luck!