Investor's Crypto DailyInvestor's Crypto Daily
Font ResizerAa
  • Home
  • Headlines
    • Financial Market News
    • Cryptocurrency News
    • Press Releases
    • My Bookmarks
  • Spotlight Stories
  • Crypto Stock Plays
    • Crypto ETFs, Trusts & Investment Funds
    • Crypto Adjacent Stocks
    • Crypto Futures (Settled in USD)
  • Step Into Crypto
    • Common Crypto Terms
    • Crypto Rules & Regulations
  • Economy
    • Economic News
    • Economic Calendar
  • Join Us
Reading: Elon Musk’s post saves Dogecoin from steep price drop
Share
Font ResizerAa
Investor's Crypto DailyInvestor's Crypto Daily
  • Home
  • Headlines
  • Spotlight Stories
  • Crypto Stock Plays
  • Step Into Crypto
  • Economy
  • Join Us
Search
  • Home
  • Headlines
    • Financial Market News
    • Cryptocurrency News
    • Press Releases
    • My Bookmarks
  • Spotlight Stories
  • Crypto Stock Plays
    • Crypto ETFs, Trusts & Investment Funds
    • Crypto Adjacent Stocks
    • Crypto Futures (Settled in USD)
  • Step Into Crypto
    • Common Crypto Terms
    • Crypto Rules & Regulations
  • Economy
    • Economic News
    • Economic Calendar
  • Join Us
Follow US
  • Advertise
© 2024 Investor's Crypto Daily. All Rights Reserved.
Investor's Crypto Daily > Blog > Headlines > Cryptocurrency News > Elon Musk’s post saves Dogecoin from steep price drop
Cryptocurrency News

Elon Musk’s post saves Dogecoin from steep price drop

Last updated: September 8, 2024 9:34 am
By Troy Nilock 3 Min Read
Share
SHARE

Elon Musk (founder of Tesla) intervened on September 7, 2024 to prevent a steep price drop for Dogecoin.

Contents
DOGE prices rise after Musk’s tweetDogecoin Price Outlook: Potential for 20% SurgeDogecoin price and trading volume

DOGE fell below the key support level at $0.094, and eventually reached a low price of $0.088.

Musk, amidst this economic downturn shared a D.O.G.E.-named AI image of him on X (formerly Twitter) with slang for the Department of Government Efficiency.

Elon Musk
@elonmusk
*Follow


Department of Government Efficiency

8:26 am * 7 Sept 2024
274.2KReply
You can read 15.0k replies

The simple posting of the message was crucial to DOGE’s recovery.

DOGE prices rise after Musk’s tweet

The post went viral in just 12 hours, gaining attention from over 44 million people and receiving more than 500,000 “likes”. Dogecoin’s price rose above the critical support level after this surge of online attention.

Analysts warned that without Musk’s prompt intervention, DOGE would have fallen an additional 20% to just $0.071.

Elon Musk’s influence on cryptocurrency markets has been documented, particularly Dogecoin.

The tweet showed how influencers can dramatically change sentiments in the world of digital assets, and lead to an immediate price recovery.

Dogecoin Price Outlook: Potential for 20% Surge

The technical analysis shows that DOGE has reached a critical support level at $0.094, and its Relative Strength Index is forming a divergence in the bullish direction on the daily chart.

Investors can buy this pattern because it often indicates the possibility of a trend reversal, from one down to another.

Analysts suggest that DOGE’s price could rise by 20% in the future to $0.113.

Other technical indicators, such as the 200 Exponential Moving Average, still indicate a downward trend, suggesting a cautious trading approach.

Dogecoin price and trading volume

Dogecoin’s price is currently around $0.0948. This represents a 4,5% increase in the last 24 hours.

Trading volume, however, has decreased by 23 percent in that same time period. This indicates a reduced level of activity from traders amid the current market volatility.

The declining volume indicates that, while the DOGE market is optimistic about its recovery, traders remain cautious and are looking for solid signs of stability.

The post Elon Musk rescues Dogecoin from steep price drop may change as new information is revealed.

This site is for entertainment only. Click here to read more

You May Also Like:

  • Safe (SAFE), Price Prediction for 2024-2030 - Can…
  • Celestia Crypto Predictions: Forecasts and Insights
  • Options2Trade: AI-driven trading strategies that…

You Might Also Like

The ‘Time has Come’: Top Trader Forecasts Dogecoin Rallies, Updates Bitcoin and PEPE Forecast

The Rich Dad, Poor Dad author warns the world about a financial crash and calls Bitcoin as a “best asset” for your money

Jason Pizzino, an analyst at Pizzino Research Group says that Solana Rival SUI could be in for a further dramatic collapse. Here are his targets

ADA and ALGO Predictions: Are Layer-1 Giants Getting Ready for a Breakout?

Shibarium Transaction fees soar as network activity increases

Share This Article
Facebook Twitter Email Copy Link Print
Previous Article Edmundo Gonzalez, Venezuela’s opposition candidate, flees Spain amid diplomatic tensions
Next Article Wes Streeting describes three major shifts in the delivery of NHS healthcare.
Leave a comment

Click here to cancel reply.

Please Login to Comment.

Stay Connected

TwitterFollow
- Partnered Content -
Ad image

Latest News

Is Bitcoin Earning Real Yield Now? Solv Protocol’s New RWA Token Says Yes
Cryptocurrency News
Billion-Dollar Bank Warns 7,537 Customers After Data Breach Triggers Unauthorized Account Access
Cryptocurrency News
Why did Cox Communications finally agree to the buyout, after many years of opposition?
Financial Market News
Eli Lilly beats Novo to the top of obesity drug race as more players join in
Economic News
//

We support the traditional finance investor’s journey into the cryptocurrency space, using education and traditional terms. Get involved in crypto directly or through adjacent stocks and funds. Time to get off the sidelines.

– Sponsored Spotlight –

Get Around

  • Home
  • Headline News
  • Spotlight Stories
    New
  • Economy
  • Step Into Crypto

Get Involved

  • Advertise With Us
  • Join Us
    Hot
  • My Bookmarks
  • Privacy Policy & Legal Disclaimer
  • Contact US
2024 Investor's Crypto Daily | InvestorsCryptoDaily.com | Privacy
Welcome Back!

Sign in to your account

Lost your password?