Dogecoin Price Prediction as Elon Musk Posts Photo of His Dog on Twitter – Is Elon Buying More DOGE?

cryptonews.com:

The dogecoin price has gained by 3% in the past 24 hours, reaching $0.089260 in the context of an 8% increase for the cryptocurrency market as a whole. DOGE has also risen by 6.5% in the last 30 days, helped in part by ongoing support of the coin by Tesla- and Twitter-owner Elon Musk.

After wearing a Dogecoin T-shirt at the Super Bowl, Musk has now sparked online discussion by posting a photo of his Shiba Inu dog (the mascot of Dogecoin) on Twitter. However, given that DOGE has risen by less than other major tokens in the past 24 hours, it's probably safe to say that the billionaire has not bought any more of the meme coin.

DOGE's indicators suggest that further rises for the altoin could be on the horizon. Its relative strength index (purple) has climbed from 40 a few days ago to nearly 60 today, with its current level meaning that it isn't overbought yet and could enjoy more gains.

At the same time, the coin's 30-day moving average (red) continues to climb above its 200-day (blue), and doesn't look like it has peaked just yet. And if DOGE can break through the $0.09 mark, it could witness some sustained gains. 

It seems that DOGE's gains in the past 24 hours follow mostly from today's marketwide rally, which has brought the meme token along with it for the ride. That said, it also comes after Musk posted another characteristic tweet of his, in which he makes some vague allusion to Dogecoin without actually showing any real evidence that he has increased his holdings.

This tweet did appear to cause a very brief rally in which DOGE rose to the resistance level of $0.09, but it quickly fell down again while other coins continued rising. As such, you could just as easily argue that Musk used it to briefly pump DOGE so that he