Dogecoin Price Soars 10% Amid Musk’s XPayments Announcement

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Dogecoin (DOGE) Increases by 10%: Is Elon Musk the Reason?

The price of Dogecoin [DOGE], the world’s largest meme coin, has suddenly exploded after days of sideways movement. There could be several reasons for this increase, but a crucial role could once again have been played by Elon Musk.

Dogecoin on the Rise!

A look at the data from CoinMarketCap shows that the price of DOGE, like most other cryptocurrencies, was flat for several days. However, its value increased by more than 10% in the last 24 hours alone. This increase turned both its daily and weekly charts green. At the time of writing, DOGE was trading at $0.08648, with a market capitalization of over $12.3 billion. The upward trend was also accompanied by an increase in daily trading volume of more than 200%.

Elon Musk and His Role

A main reason for this recent upward trend could be Elon Musk’s latest decision. Musk, who has always been an enthusiastic supporter of DOGE and never missed an opportunity to generate hype around the meme coin, recently launched his official XPayments account on his X platform (formerly Twitter). When Musk previously announced his plans to integrate Dogecoin and X, the price of the meme coin also soared.

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Will the Hype About XPayments Help Dogecoin?

The current price increase of DOGE was sufficient to excite investors. Our analysis shows that DOGE’s MACD (Moving Average Convergence Divergence) indicates a bullish crossover, suggesting a further upward trend. However, the remaining indicators looked bearish. For example, the price of DOGE touched the upper limit of the Bollinger Bands. Its Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) also showed downward movements, suggesting that the price’s upward movement could end sooner than expected.

Conclusion

Although the current price increase of Dogecoin was influenced by Elon Musk’s activities, investors should be cautious. The technical indicators suggest that the upward movement could end soon. It is therefore important to closely monitor developments and make informed decisions.

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Last update: 19. February 2024

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