Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch


Dogecoin (DOGE) costs rose considerably on Jan. 14 as Elon Musk introduced that Tesla would begin accepting it as cost for merchandise. 

After the announcement, DOGE worth jumped practically 13%, hitting a 30-day excessive of $0.2150. Its upside transfer got here as part of a bigger intraday rally that already was happening earlier than Musk’s Dogecoin tweet went viral.

The DOGE worth went up by over 25% on Jan. 14 earlier than correcting decrease to $0.1986 on profit-taking.

DOGE/USD hourly worth chart. Supply: TradingView

Higher than Bitcoin

Tesla’s integration of a DOGE cost choice on its on-line buying portal got here virtually a month after Musk shared his willingness to simply accept the cryptocurrency as cost on a take a look at foundation.

On the heart stage of Musk’s love for DOGE was its “better-than-Bitcoin” options, primarily as a cost choice attributable to its decrease electrical energy consumption. In excerpts from Musk’s statements to Time Journal, he defined that:

“Basically, Bitcoin isn’t substitute for transactional forex. Regardless that it was created as a foolish joke, Dogecoin is healthier fitted to transactions.”

The billionaire entrepreneur additional harassed that Bitcoin’s value per transaction is excessive whereas its transactional quantity is low in comparison with DOGE. In consequence, Bitcoin may very well be nicely off being a store-of-value asset. Alternatively, DOGE may carry on encouraging folks to spend.

What’s subsequent for DOGE?

The newest spherical of shopping for within the Dogecoin market considerably subsided as DOGE examined a multi-month resistance trendline for a topside breakout.

Intimately, DOGE worth rally was rammed right into a descending trendline resistance that had been capping its upside makes an attempt since Could 2021. On Jan. 14, the trendline once more grew to become instrumental in sending DOGE from its intraday high of $0.2150 to $0.1958, as proven within the chart beneath.

DOGE/USD day by day worth chart. Supply: TradingView

In the meantime, the Dogecoin’s 200-day exponential shifting common (200-day EMA; the orange wave) additionally performed a key function in limiting its beneficial properties on Jan. 14. Collectively, the resistance confluence hinted that DOGE worth might pull again from its ongoing uptrend within the coming classes. 

Associated: Dogecoin creator slams Mozilla for pausing crypto donations

Ought to this occur, the token will look poised to check its 50-day EMA (the velvet wave) as help, with the likelihood to increase its correction in the direction of $0.1367 attributable to its current historical past as help.

DOGE/USD day by day worth chart. Supply: TradingView

Conversely, a decisive breakout above the descending trendline resistance and the 200-day EMA may have merchants eye $0.30 as their subsequent upside goal within the Dogecoin market. The world surrounding the $0.30-level had earlier served as resistance.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, you need to conduct your individual analysis when making a call.



Source link

Comments are closed.

bitcoin
Bitcoin (BTC) $ 24,418.54
ethereum
Ethereum (ETH) $ 1,956.18
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 327.21
xrp
XRP (XRP) $ 0.380571
cardano
Cardano (ADA) $ 0.541358
binance-usd
Binance USD (BUSD) $ 1.00
solana
Solana (SOL) $ 45.24
polkadot
Polkadot (DOT) $ 9.47
dogecoin
Dogecoin (DOGE) $ 0.072567
avalanche-2
Avalanche (AVAX) $ 29.35
staked-ether
Lido Staked Ether (STETH) $ 1,901.30
shiba-inu
Shiba Inu (SHIB) $ 0.000013
matic-network
Polygon (MATIC) $ 0.934754
dai
Dai (DAI) $ 0.999991
tron
TRON (TRX) $ 0.070645
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 24,434.55
ethereum-classic
Ethereum Classic (ETC) $ 43.69
okb
OKB (OKB) $ 21.06
near
NEAR Protocol (NEAR) $ 5.99
leo-token
LEO Token (LEO) $ 4.80
litecoin
Litecoin (LTC) $ 62.97
chainlink
Chainlink (LINK) $ 9.33
ftx-token
FTX (FTT) $ 31.19
uniswap
Uniswap (UNI) $ 9.18
crypto-com-chain
Cronos (CRO) $ 0.155575
cosmos
Cosmos Hub (ATOM) $ 12.06
stellar
Stellar (XLM) $ 0.126621
flow
Flow (FLOW) $ 2.96
monero
Monero (XMR) $ 166.30
bitcoin-cash
Bitcoin Cash (BCH) $ 143.32
algorand
Algorand (ALGO) $ 0.366372
vechain
VeChain (VET) $ 0.033357
filecoin
Filecoin (FIL) $ 8.75
apecoin
ApeCoin (APE) $ 7.03
internet-computer
Internet Computer (ICP) $ 8.42
decentraland
Decentraland (MANA) $ 1.07
hedera-hashgraph
Hedera (HBAR) $ 0.083371
chain-2
Chain (XCN) $ 0.087227
tezos
Tezos (XTZ) $ 1.93
the-sandbox
The Sandbox (SAND) $ 1.33
quant-network
Quant (QNT) $ 126.56
axie-infinity
Axie Infinity (AXS) $ 18.74
theta-token
Theta Network (THETA) $ 1.63
aave
Aave (AAVE) $ 113.63
lido-dao
Lido DAO (LDO) $ 2.79
elrond-erd-2
Elrond (EGLD) $ 66.27
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 1.33
Shares