Elon Musk pumped Dogecoin on Twitter, but the rally didn’t take long. Technical indicators show that the coin is ready for a bearish correction.
Following Elon Musk’s tweet, Dogecoin (DOGE) entered the top 50 in the middle of the triggered FOMO.
Tesla’s CEO’s message was one word “DOGE”. However, this tweet was enough for cryptocurrency supporters to start buying as if there was no tomorrow.
DOGE gained over 30% in just a few hours and touched its highest level since July of $ 0.0055 when the coin briefly hit $ 00.56 before falling below $ 0.004.
Despite the sale, when we look at the cryptocurrency it’s still 12% higher on a daily basis. Weekly earnings exceeded 50%.
Doge’s market value reached $ 627 million, while its average daily trading volume reached $ 689 million. The token is most actively traded on Binance, Huobi Global and HBTC.
This Litecoin fork (DOGE) was created as a joke in 2013, but the cryptocurrency-based internet meme quickly gained popularity.
It is now being touted by a large number of high-profile people, including Elon Musk.
Fix In Progress
IncomeSharks, a popular crypto twitter analyst, warns its followers to invest in DOGE at this stage. The analyst believes the price is approaching a strong resistance zone and selling risks are very high at this stage.