Dogecoin Price Prediction as Elon Musk Tweet Sends DOGE Soaring, But All Attention is on This Lesser Known Crypto – Here's Why
The Dogecoin price has risen by 6% in the past 24 hours, following a tweet from Elon Musk that promised to pay "a million Dogecoin" for proof that he and/or his family once owned an emerald mine in South Africa.
At $0.087026, DOGE is down by 6.5% in a week but up by 19% in the last 30 days, as well as by 23.5% since the beginning of the year.
The meme token's latest Musk-inspired rally follows similar surges in the year to date, with the Dogecoin community continuing to hold out hope that the Twitter owner will follow through on earlier hints that DOGE-based payments may eventually arrive on the social network.
Yet with no reliable confirmation that this is going to happen anytime soon, many investors have been turning to other cryptocurrencies in recent weeks, with the Love Hate Inu (LHINU) presale impressively raising over $3.8 million in only a few weeks.
As things stand, DOGE's indicators remain in a promising position, revealing strong momentum that looks as though it could continue for a few more days.
The coin's relative strength index (purple) has shot up to 70, with its steep ascent suggesting that it's not going to slow down anytime soon.
Much the same goes for its 30-day moving average (yellow), which has just resumed rising above its 200-day average (blue), signalling that further gains are possible.
As for its resistance level (red), a key price to watch out for is $0.088, which could indicate a breakout if exceeded.
As noted above, the cause of DOGE's latest rally is none other than Elon Musk, who continues to namedrop and reference Dogecoin at almost every able opportunity.
This time, he suggested he would pay one million DOGE (currently worth around $87,000) to anyone who could provide proof of emerald mine
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