Over the weekend, Dogecoin (DOGE) soared 11% after the general market performance. The price surge led the dog-themed token to retest key resistance levels, which fueled a bullish prediction by crypto analysts. Investors also shared a positive sentiment following Elon Musk’s recent comments regarding cryptocurrencies and the largest memecoin by market capitalization.
Related Reading
Dogecoin Attempts To Break Above Key Level
During the past week, market watchers have revealed their bullish predictions for the largest memecoin by market cap. Daan Crypto Trades revealed that DOGE was “showing some strength” after trading above the daily 200 MA/EMA last week and testing a multi-month diagonal trendline.
DOGE attempted to break out of the downtrend line again after trading above the $0.134 resistance level in the early hours of Monday. To Daan, Dogecoin’s price could see “higher over the next couple of weeks” if it holds on to the $0.13 area.
Similarly, analyst Crypto Poseidon pointed out that DOGE’s “daily ema50-200 started to squeeze into each other again.” Per the analyst, this will lead to an expansion above the previous yearly high of $0.22. Poseidon added, “$0.3 on the horizon, dog lovers.”
Amid the market recovery, renowned crypto analyst Ali Martinez revealed on Thursday that Dogecoin was playing the same pattern it has displayed before. According to this pattern, DOGE consolidates in a descending triangle.
During the consolidation, the memecoin historically sees a 140%-230% rally before retracing around 60%. Per the analyst, DOGE investors should “just wait” as the memecoin enters the bull run after the retrace.
As of this writing, Dogecoin is hovering between the $0.129 and $0.130 price range, a 0.5% drop in the last 24 hours. However, this performance represents a 7.6% and 5.3% price surge in the biweekly and monthly timeframes.
Elon Musk Won’t Promote Crypto But Has ‘Soft Spot’ For DOGE
On Sunday, Tesla’s CEO Elon Musk joined The X Takeover event hosted by the Tesla Owners Silicon Valley club. Musk made a special virtual guest appearance to discuss his insights on technology, space exploration, sustainability, and cryptocurrencies.
During his appearance, the CEO clarified he would not promote crypto, but might address them jokingly in the future. He also stated he doesn’t have a negative opinion about…
Click Here to Read the Full Original Article at NewsBTC…
