Dogecoin analysis for May 11, 2021

Looking at the chart and analyzing it purely technically, it looks like this. As we first notice the price of Dogecoin, we can place it in one growing channel, which frames the previous highs and lows. On the lower channel line, we can also notice that Dogecoin supports both moving averages MA200 and EMA200, which is a good indicator that we can take them as price support along the lower channel line. By setting the Fibonacci level, we see that the first pullback was up to 50.0% Fibonacci level.

The second pullback is currently testing 38.2% Fibonacci level with current support for moving averages MA20 and EMA20 along with 23.6% Fibonacci level. Based on these settings of moving averages and Fibonacci levels, we can expect the further continuation of this consolidation at slightly higher prices on the chart, perhaps again testing the price at 50.0% Fibonacci level at 0.57800. Looking at the MACD indicator, we see that the blue MACD line has again crossed over the signal line giving us another bullish sign for the potential continuation of the upward trend and directing the price of Dogecoin towards the upper channel line.
Tesla CEO Elon Musk once again stirred up the proverbial “doge’s nest” with another tweet about the most important money, Dogecoin. Tweeting on Tuesday, Musk conducted a poll on Twitter asking respondents if they wanted Tesla to accept Dogecoin as a payment method. The survey, published at 8:00 a.m. UTC, collected over 400,000 responses in the first 10 minutes and will last 24 hours and could be a precursor to the company that added the popular mem coin as a payment method.
Dogecoin supporters are encouraging the CEO of Tesla to add a cryptocurrency with the theme of Shiba Inu to his list of accepted payment methods, considering that Musk apparently liked this token. Responses to the survey were favorable, with about 78% of respondents supporting Tesla to accept Dogecoin payments. Musk’s tweet caused a significant reaction to the price of Dogecoin because the 15-minute chart showed a sharp jump in stock prices for DOGE, which coincided with the time when the survey was published.