Dogecoin Gained More Than 10% on Monday
Dogecoin was never meant to play an important role in the cryptocurrency industry, but it continues to strengthen its position. It is up more than 10% and dogecoin has the potential to reach even better results.
It broke over resistance at 41 cents on Monday, and this cryptocurrency is trading within about 7% of its all-time high of $0.448. It reached its best result on April 16. The resistance near the 45-cent mark consists of just one daily candle so is not strong enough to hold the price down for long.
This cryptocurrency is trading above both the eight-day exponential moving average (EMA) and the 21-day EMA, which is bullish. It is, nonetheless, extended from the EMAs trading 18% and 46% respectively, above them. Even though dogecoin extended from the EMAs, the Relative Strength Index (RSI) is sitting at 69. This indicates there is room for the cryptocurrency to make a further push north before needing consolidation.
Elon Musk is preparing dogecoin fans for an explosive weekend. In less than a week, he will host “Saturday Night Live” (SNL) and he stated that his performance could include a skit as “The Dogefather”. This could bring more people into the dogecoin space, which could then cause the price to increase. It trades 24 hours a day and the coin can be purchased during the show.
Musk is not the only famous person who supports dogecoin. Two days ago, Mark Cuban went on Twitter to advocate for dogecoin’s usability.
Dogecoin and Tesla’s CEO
Elon Musk is famous for his unordinary decisions. Last week, he posted “The Dogefather” to Twitter, adding “SNL May”. He is a long-time supporter of both cryptocurrencies as well as internet memes. His position helped to boost the price of dogecoin. According to Musk, it is his favorite cryptocurrency. Musk enthusiastically embraced the meme-happy dogecoin community.
Its price jumped since traders and investors began pouring cash into it in January this year. Dogecoin also attracted criticism due to its lack of development as well as high token concentration among a small group of accounts.
Dogecoin’s price peaked in mid-April, subsequently crashing by around 50% before recovering toward the end of the month. Elon Musk’s recent posts helped the cryptocurrency to remain relevant. It is the second most popular cryptocurrency when it comes to investing among current college students and recent graduates.
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