The meme token DOGE, which attracts great attention around the world, started to rise with the news that Elon Musk will buy the social media platform Twitter.
Tesla CEO Elon Musk made a $44 billion offer to the social media platform Twitter. DOGE, which Musk has long supported, experienced a rapid rise with the spread of this news. The popular meme token, which experienced a rise of about 9 percent in the past day, continues its rise with a rate of 6 percent today.
Why is DOGE Rising?
The meme token DOGE, which was released as a joke against Bitcoin, gets its biggest support from the famous billionaire Elon Musk. Musk announced that his company Tesla will accept DOGE as a payment method.
Cryptocurrency investors follow Musk closely due to the volatility he created in the markets. Musk can cause short fluctuations even with any social media sharing. The billionaire, who uses this power most on DOGE, claims that this joke token will be the best cryptocurrency in the world.
Musk raised DOGE again with his proposal for the social media platform Twitter. The fall of the news excited short-term investors and fans of meme tokens. According to investors, if Twitter falls into the hands of the billionaire, the platform’s token will be DOGE.
Will DOGE Continue to Rise? Chart Analysis
According to analysis by U Today, DOGE has come under the control of the bulls. In the analysis it made yesterday, the platform claimed that the resistance point around $ 0.65 can be tested with the effect of the news flow. The meme token, which managed to break the resistance point yesterday, started the day above this point.
Although the token started the day by maintaining its rise, it faced pressure from investors who wanted to withdraw their earnings. Due to the early morning sales, it remained below the resistance point it broke.
The meme token, which has experienced more news-based rise, may rise again rapidly if new developments occur. But the passing of the news effect causes sellers to return to the market. If the buying pressure is strong and it can climb above the $0.65 level, it could advance to the 0.70 resistance.
As long as DOGE stays above the $0.6 level, which is considered a support level, the bulls may maintain their interest. However, if this support level is also broken, it will want to test the $0.58 levels.
