On September 7, 2024, Tesla founder Elon Musk saved the price of Dogecoin (DOGE) from crashing amid bearish market sentiment. Due to the significant sell-offs by whales and institutions, the overall cryptocurrency experienced a notable price decline.
Elon Musk Saves Dogecoin from CRASHING
Amid this selling pressure, DOGE breached its crucial support level of $0.094 and has continuously declined and also reached the low of $0.088 level. During this downturn, Elon Musk shared an AI-generated photo of himself with the moniker “D.O.G.E.” on X (previously Twitter) while citing the Department of Government Efficiency.
However, the post on X spread like wildfire gathered the significant attention of 44 million users, and received half of a million likes within 12 hours. Following this post on X, DOGE experienced a significant price recovery, climbing back above the crucial support level.
If Musk hadn’t made a post on X, there was a high possibility that DOGE’s price would have declined by 20% to the $0.071 level.
Dogecoin Price Prediction
According to expert technical analysis, DOGE is at a crucial support level of $0.094, while its Relative Strength Index (RSI) has formed a bullish divergence on a daily timeframe. This indicates a potential trend reversal from a downtrend to an uptrend, which traders and investors often view as a buy signal.
Based on the historical price momentum, there is a high possibility that DOGE could surge by 20% to the $0.113 level in the coming days. However, the technical indicator named the 200 Exponential Moving Average (EMA) indicates that DOGE is in a downtrend.
Current Price Momentum
At press time, DOGE is trading near $0.0948 and has experienced a price surge of over 4.5% in the last 24 hours. Meanwhile, its trading volume has declined by 23% during the same period, indicating lower participation from traders amid a volatile market.
