Is the Elon Effect Weakening as Dogecoin Price Soars 5% in Minutes Following Musk’s Tweet?
Dogecoin (DOGE) is trading higher compared to Bitcoin (BTC) and Ethereum (ETH) in the past 24 hours. The meme cryptocurrency has found support at its Moving Averages (DMAs) and resistance at its 100DMA. DOGE received a boost when Elon Musk, CEO of Tesla and SpaceX, tweeted about it. However, the gains were short-lived. Musk has been a vocal supporter of Dogecoin and has hinted at the possibility of integrating it into a future Twitter payments system. Despite this, Musk’s recent tweets have not had a lasting impact on DOGE’s price. If DOGE continues to rise, it will soon face resistance from a downtrend and the 200DMA. This suggests a bearish long-term price prediction for DOGE unless it can break above this resistance level. Investors may want to consider diversifying their crypto holdings and exploring crypto presales. These are opportunities to invest in early-stage crypto projects that have the potential for significant gains. However, they also come with high risk. It is important to identify projects with strong teams and a clear vision. Cryptonews offers insights on the best crypto presales of 2023. Please note that this section contains opinions from industry players and is not part of Cryptonews.com’s editorial content.