Dogecoin (DOGE) recently fell sharply from the $0.23 volatility high and is currently consolidating in the $0.15-$0.16 range, with the market hesitating. As the 'spiritual godfather' of Dogecoin, Elon Musk's every word could ignite the market and overturn the current situation!
The Relative Strength Index (RSI) is currently at 44.50, and the moving average is at 40.54, indicating that Dogecoin's price is neither overbought nor oversold, sitting in a slightly bearish neutral zone. However, the slight rebound in RSI shows a minor positive divergence. If Musk endorses Dogecoin again on the X platform, a break above 50 in RSI will confirm a revival in buying interest, igniting bullish sentiment and pushing the price to challenge the $0.17 resistance!
Can Musk's 'Divine Assistance' hold the line at $0.15?
The chart shows solid support forming at $0.15-$0.16, coinciding with the uptrend line since early 2024, highlighting its importance. Recently, Dogecoin rebounded from this trend line, showing resilience. If Musk endorses Dogecoin again through the X platform or Tesla-related news, the $0.15 support could become a 'iron bottom' for bulls. However, if it falls below this level, the next support is at $0.13 and $0.10, the latter being a key psychological level, and the drop could reach 39% (calculation: (0.165 - 0.10) ÷ 0.165 × 100 ≈ 39%).
Can Musk's tweet trigger a 39% surge?
If Dogecoin breaks through the $0.17 resistance and trading volume increases (possibly due to Musk's social media influence triggering FOMO), the next target will be the $0.23 volatility high, with a potential increase of about 39% (calculation: (0.23 - 0.165) ÷ 0.165 × 100 ≈ 39%).
Musk's past tweets have repeatedly sent Dogecoin on a surge trajectory. If he speaks out again, along with RSI breaking 50, momentum traders may flock in, driving the price towards the $0.20-$0.23 range.
Key Support and Resistance
Support levels: $0.1500 (horizontal support), $0.1550 (uptrend line)
Resistance levels: $0.1850 (minor resistance), $0.2000 (psychological level), $0.2200 (Fibonacci and structural area)
Trader strategy: Keep an eye on Musk and key levels. The Dogecoin daily chart shows the market is in a tense state. If it breaks above $0.17 and the RSI rises above 50, coupled with a potential tweet from Musk, targets of $0.20-$0.23 are within reach. Conversely, if it falls below $0.15, bears may take control, and the price could retrace to $0.13 or even $0.10.
Keep a close eye on:
Musk's X platform dynamics: Any news related to Dogecoin could trigger FOMO.
RSI breaks 50: Confirms bullish momentum.
Volume peak: A breakout above $0.17 requires volume support.
Average candlestick trend: Red-green transitions indicate directional breakouts.
Is Dogecoin's 'Musk Moment' approaching? Dogecoin is at a crossroads, and Musk's next tweet could be the spark that ignites a 39% surge!
