Dogecoin (DOGE) has experienced yet another price surge as Elon Musk continues openly supporting the meme-based cryptocurrency. The cryptocurrency is still in price discovery mode after it passed the previous all-time high of $0.0599. Should you buy some DOGE right now, wait a bit, or skip on it entirely?
Fundamental analysis: Elon Musk continues to promote Dogecoin
Meme-based cryptocurrency Dogecoin experienced yet another price surge as Tesla announced its $1.5 billion BTC investment, as well as due to its endorsement by Elon Musk, Snoop Dogg, and Gene Simmons posting various Dogecoin-related memes. Its price surged in recent hours and passed the $0.8 mark, creating a new all-time high of $0.0888.
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Rapper Snoop Dogg and Kiss’ Gene Simmons have both been expressing their support for Dogecoin over the weekend alongside Elon Musk, the CEO of Tesla and SpaceX. As a result, the cryptocurrency’s price has gained over 1600% in 2021. DOGE, the native cryptocurrency of Dogecoin, has become a household name in recent months.
Dogecoin’s overall outlook depends entirely on the twitter hype created around it, and isn’t based on any fundamental or technical factor at the moment.
DOGE has posted weekly gains of 104.91%, beating BTC‘s 28.79% and ETH‘s 30.83% gains by a large margin, respectively. Dogecoin is currently trading for $0.08 and takes up the 9th place in the market cap top10 cryptocurrencies. The project currently boasts a value of $10.83 billion.
DOGE/USD technical analysis: DOGE passes $0.8 as it gains over 30% in the past 24 hours
Dogecoin has been trading sideways ever since it hit its $0.0599 all-time high on 29 January. However, the recent hype created around it by Elon Musk, Snoop Dogg and Gene Simmons attracted enough DOGE bulls to push its price even further up. DOGE seems to be following the 21-hour EMA, which it uses as a support level.
DOGE is currently trading between the $0.0736 and the $0.0916 levels. As the volume dies down and the hype fades as Elon Musk stated he is “going back to work,” the cryptocurrency will most likely pull back and retest the $0.0736 level in hopes of finding support.
DOGE’s RSI on the daily time-frame is currently sitting at 64.70 and looks like it topped just under the overbought territory. Its volume also seems to be descending, which might be a sign of the hype factor decreasing.
Buying DOGE is considered a purely speculative investment by many, as its price movement is led by the market sentiment without any technical or fundamental basis point.
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