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BlockNews
Home BREAKING NEWS

Dogecoin Rises 8.5% After Musk’s Comments Spark Renewed Interest

Matoy by Matoy
October 18, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • Dogecoin surged 8.5% to $0.136, reaching its highest level in three months.
  • Elon Musk’s mention of “D.O.G.E.” sparked the rally, adding to its 25% weekly gain.
  • Analysts expect Dogecoin to face resistance at $0.19 but warn of possible correction.

Dogecoin saw an 8.5% increase in price, climbing to $0.136 on October 18, marking its highest value in three months. This upward movement came amid broader gains across the cryptocurrency market, but Dogecoin has outpaced major competitors like Bitcoin and Ether. The rise in Dogecoin’s value was largely attributed to recent comments by Elon Musk, who referred to “D.O.G.E.” during a town hall event on October 17.

At the event, Musk, while discussing government efficiency, humorously suggested creating a Department of Governmental Efficiency, the acronym for which coincidentally spells D.O.G.E.—the official ticker for Dogecoin. This light-hearted mention sent Dogecoin enthusiasts into a frenzy, pushing the price higher. Additionally, a tweet from Musk earlier on October 15, where he vaguely stated that “D.O.G.E. will fix it,” also contributed to the excitement among investors.

Musk’s Influence on Dogecoin

Musk’s comments have long had a significant impact on Dogecoin’s market performance. Over the years, his tweets and public statements have often led to notable price rallies for the cryptocurrency. His influence, particularly among retail investors, has consistently played a role in Dogecoin’s sudden market movements. Between March 2020 and May 2021, for instance, Musk’s remarks fueled a massive 64,000% rally in Dogecoin.

This recent surge saw Dogecoin gaining approximately 25% in value over the past week, continuing Musk’s history of driving price increases through seemingly off-hand comments.

Technical Analysis and Price Projections

Dogecoin’s latest price movements are part of a technical breakout from a falling wedge pattern, a formation commonly seen as a bullish reversal indicator. Analysts suggest that this breakout could push Dogecoin toward a resistance level near $0.19 by the end of 2024.

However, caution remains as Dogecoin’s relative strength index (RSI) has surpassed 70, signaling that the cryptocurrency may be overbought. This could lead to a period of consolidation or even a slight correction, with analysts pointing to $0.122 as a potential support level in the near term.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Dogecoin
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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