Tesla CEO and Twitter boss Elon Musk is on the scene again. After the sharing of Musk, who said that something special will come soon, Dogecoin took action. Altcoin price made a vertical rise with the Musk Factor.
Elon Musk’Tan mysterious tweet!
Tesla CEO and Dogecoin fan Elon Musk has become one of the leading figures in the crypto market. There is now a phenomenon called the ‘Musk Factor’ in the market. The posts made by Elon Musk have been a fire for many related or sometimes unrelated altcoins. However, this is more so for its ‘beloved dog’ Dogecoin (DOGE). In this context, Elon Musk’s ‘Something special is coming soon!’ Followers removed DOGE comments from his post.
Something special coming soon
— Elon Musk (@elonmusk) July 29, 2023
cryptocoin.com As you follow, there has been speculation for a long time that Dogecoin will be used as a payment method on Twitter. This tweet brought a wave of enthusiastic response from the crypto community, especially from Dogecoin-themed accounts. Many, including influencer David Gokhstein, expect X to add DOGE as a payment method, as Musk has hinted many times before.
👀
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) July 29, 2023
Dogecoin price soars with the ‘Elon Musk Factor’
The sharing of Elon Musk remains a mystery. However, it is certain that it has a positive effect on the DOGE price. In this context, Musk’s latest post also pushed the DOGE price to a vertical rise in the calm market. While DOGE was trading at $0.078 during the day, it suddenly jumped to $0.08132. At press time, the altcoin is changing hands at $0.08072, up 4.38% on a daily basis.
DOGE daily price chart. Source: CoinMarketCapAltcoin price prediction: when will DOGE reach $0.10?
A technical analyst shares the following analysis for DOGE. The Dogecoin price prediction shows upside momentum within an interesting parallel channel on the daily timeframe chart. DOGE cryptocurrency broke out of the parallel channel and rallied as high as $0.08162. But back inside the canal. Meanwhile, DOGE stays inside the ascending parallel channel for maximum recovery on the daily timeframe chart. DOGE traders need to wait until they break out of the primary resistance level of $0.08162.
Dogecoin price was at $0.08072. Thus, it saw a 4.38% increase in market value at press time. However, trading volume dropped by 3.77% on the day, indicating that sellers are trying to save up to pull back.
DOGE price chart. Source: TradingViewThe altcoin price prediction highlights DOGE’s recovery phase on the daily timeframe chart. DOGE is trading inside the ascending parallel channel after gaining support at $0.05967. However, the volume change is below average and needs to grow throughout the day. Technical indicators are also showing the upward momentum of Dogecoin price. The relative strength index (RSI) and Moving average convergence divergence (MACD) showcase the rising momentum of DOGE.
