Elon Musk’s Latest Tweet Rescues Dogecoin from Price Crash

On September 7, 2024, Tesla founder Elon Musk saved the value of Dogecoin (DOGE) from crashing amid bearish market sentiment. Because of the important sell-off by whales and establishments, the general cryptocurrency skilled a notable worth drop.

Elon Musk saves Dogecoin from CRASH

Amid this promoting strain, DOGE crossed the essential help degree at USD 0.094 and continued to say no, additionally reaching a low of USD 0.088. Throughout this recession, Elon Musk shared an AI-generated photograph of himself with the nickname “DOGE” on X (previously Twitter) whereas quoting the Division of Authorities Effectivity.

Nonetheless, the submit on Following this submit on X, DOGE skilled a major worth restoration, rising again above the essential help degree.

If Musk had not posted on

Dogecoin Value Prediction

In response to knowledgeable technical evaluation, DOGE is at an important help degree at $0.094, whereas the Relative Power Index (RSI) has shaped a bullish divergence on a each day timeframe. This means a possible development reversal from a downtrend to an uptrend, which merchants and buyers typically see as a purchase sign.

Primarily based on the historic worth momentum, there’s a good likelihood that DOGE might rise 20% to the $0.113 degree within the coming days. Nonetheless, the technical indicator referred to as 200 Exponential Shifting Common (EMA) signifies that DOGE is in a downtrend.

Present worth momentum

On the time of writing, DOGE is buying and selling round $0.0948 and has skilled a worth improve of over 4.5% within the final 24 hours. In the meantime, buying and selling quantity has fallen by 23% over the identical interval, indicating decrease dealer participation in a risky market.