Why Dogecoin Price is Raising High? It is a Short-Term Bounce or a Healthy Upswing?

The post Why Dogecoin Price is Raising High? It is a Short-Term Bounce or a Healthy Upswing? appeared first on Coinpedia Fintech News

Dogecoin experienced enhanced volatility in the past few days as Twitter CEO, elon musk

elon musk
founder, ceo at tesla, spacex
Elon Musk is an enthusiastic cryptocurrency believer, quivering the crypto world through his sparkling tweets. He has a complex relationship with cryptocurrencies. His tweets solely are responsible for the crypto volatility. Musk splendidly purchased $1.5 billion in the king of cryptocurrency. He was born on June 28, 1971, and is based in Pretoria, South Africa. His mother is Maye musk and his father is Errol musk, he is a South African electromechanical engineer, pilot, sailor, consultant, and property developer.
 
He graduated from the University of Pennsylvania, earning a bachelor’s degree in Arts and physics, and the Wharton School, earning a bachelor’s degree in science, and economics. Musk was honored by Axel Springer Award, an annual award given to remarkable personalities who are extremely innovative, build new markets and change markets, shape culture, and confront their social responsibility.
 
In 1995, Elon Musk and Greg Kouri founded a web software company called ZIP2. The company developed and marketed an Internet city guide for the newspaper publishing industry, with maps, directions, and yellow pages.X.com and PayPal: in 1999, he co-founded X.com  which is an online financial service and email payment company. Space X: on 14, March 2002 he founded space x company which provides space transportation services.
 
On July 1, 2003, he founded TESLA. Tesla is an electrical vehicle and clean energy company which designs and manufactures electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and so on. His other activities involve SolarCity and Tesla Energy, Neuralink, the boring company, Managerial style and treatment of employee Hyperloop, openAI music, and ventures. Etc. he made $165 by selling PayPal to eBay. And was first listed on the Forbes Billionaires List in 2002, with a total net worth of $2 Billion.
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, changed the Twitter logo to the DOGE-based logo. This amplified the token’s value, which almost surged beyond $0.1. However, no sooner than the original logo was restored, bearish sentiments coiled around the DOGE price, slashing it hard to its previous levels.

The crypto markets, after recording a notable bullish week, appear to have triggered a minor pullback. One of the important reasons could be, Elon Musk’s revealing in an interview that various U.S. government agencies have full access to Twitter users’ activity, including DMs. Soon after this, Bitcoin price dropped below $30,000 while Ethereum price continued to trade above $2000, and Dogecoin appeared to be preparing for larger price action very soon.

Also Read: Dogecoin Price Prediction 2023, 2024, 2025: Will DOGE Price Surge In To New Highs In 2023?

DOGE price soared high and also dropped equally to its previous levels in the next few days. While the market participants believed that the DOGE mania has faded away, the price has now pulled a significant leg up and appears to be poised to reach beyond $0.1 and achieve $0.11 in the next few days. 

The RSI of Dogecoin may raise some concerns as it has reached the higher overbought levels wherein the possibility of a bearish pullback hover. Therefore, the price may drop back to the lower trend line, if the RSI drops and further trigger a significant upswing after undergoing a rebound. However, a drop below $0.08 may invalidate the bullish thesis while a breakout beyond $0.1 may certify a bullish breakout.