Elon Musk’s latest tweet regarding Dogecoin has injected a dose of excitement into the crypto market. The Tesla CEO, known for his vocal support of Dogecoin, hinted at the possibility of the meme coin being used as a payment option for Starlink, his satellite internet service. This comes shortly after Musk expressed interest in accepting Dogecoin for Tesla merchandise.
Crypto analysts are buzzing with anticipation, interpreting Musk’s comments as a bullish sign for DOGE. Ali Martinez, a crypto chart analyst, pointed to a bullish divergence against the Relative Strength Index (RSI) on the 4-hour chart, suggesting a potential price rebound. The TD indicator, another technical tool, is also flashing a buy signal, further reinforcing the bullish sentiment.
Trader Tardigrade, drawing parallels with Dogecoin’s historical performance, noted that the coin has formed a second low after touching its support level. This pattern, according to him, could lead to a significant price surge, similar to previous occasions.
While Google Trends data indicates a slight decline in interest in Dogecoin, IntoTheBlock data shows a surge in large transaction volume and transactions exceeding $100,000, signifying increased activity around the coin.
Dogecoin’s price has risen by 1.6% in the past 24 hours, currently trading at $0.09839. Whether this recent surge in optimism translates into sustained price growth remains to be seen, but the potential for DOGE to benefit from Musk’s endorsement is undeniable. The crypto community awaits with bated breath to see how this unfolds.
