Dogecoin price continues to reward investors amid an Elon Musk-triggered rally. As reported on Friday, the largest meme coin surpassed the forecasted target at $0.1000. If the attention DOGE is getting spills into the new week, investors can acclimatize to Dogecoin price tagging of $1.0000.
What Does Musk Twitter Deal Mean for Dogecoin Price?
The world’s wealthiest man is now at the helm of the microblogging platform Twitter. Elon Musk completed his $44 billion bid on Twitter late Thursday and immediately took over from the ongoing CEO, Parag Agrawal. Two more top executives were shown the door, including the company’s CFO, Ned Segal and the head of legal, Vijaya Gadde.
Musk’s Twitter takeover has taken many turns and twists since he first mentioned it in April. The following months saw the billionaire try to back out of the deal, but Twitter sued him to compel him to allow the deal to sail through.
Meanwhile, Dogecoin price is up 80% over the last seven days amid a rally ignited by the business magnate, who doubles up as the CEO of Tesla – the world’s largest electric vehicle manufacturer.
Musk’s association with Dogecoin has frequently caused a stir, with the price soaring to new levels. Musk’s tweets mentioning Dogecoin have, in the past, acted as a bullish trigger for Dogecoin price.
Now analysts believe that the Dogecoin rally could be sustainable and expect the meme coin to push past its record high at $0.7315 for a maiden run to $1.0000.
Nevertheless, the Dogecoin price must secure higher support, preferably above $0.1000. DOGE exchanges hands at $0.1140 at the time of writing.
Looking at the Moving Average Convergence Divergence (MACD) indicator, Dogecoin price has the potential to obliterate resistance at $0.1400 this weekend, in addition to another vivid buy signal presented when the 12-day Exponential Moving Average (EMA) (in red) flipped above the 26-day EMA.
Dogecoin’s uptrend is also supported by positive trading volume, revealed by the On-Balance-Volume (OBV). According to this indicator, its trading volume has surpassed $11 billion. As long as this momentum behind Dogecoin price holds or even increases – investors can buckle up for a significant upswing eyeing $1.0000.
Key Factors Backing Dogecoin Price Rally
In the past few days, whales have thrown their support behind DOGE, scooping up millions of tokens. According to Dogecoin Whale Alert, one of the biggest wallets transferred approximately 28million DOGE worth around $32 million at the current exchange rate.
Although some large-volume investors purchased DOGE in droves just before its bullish trend reversal, the Dogecoin Whale Alert Twitter feed reveals its uptake has yet to slow. The whales’ buying spree could easily achieve the forecasted move to $0.1400 before the new week look conservative. In other words, Dogecoin price has the potential to close in on $1.0000 this weekend.
Dogecoin’s rally coincides with Dogechain releasing a new roadmap, a layer-2 scaling solution provider for DOGE’s ecosystem. The announcement excited many people who wish to see Dogecoin’s use cases grow. At the same time, Dogechian took the opportunity to launch a voting process that will focus on reducing Dogecoin supply by 80%.
Insight from on-chain data confirmed that investor sentiment had flipped positively, thus backing a sustainable rally. The IOMAP metric from IntoTheBlock directs our attention to the region between $0.1060 and $0.1094, where slightly over 5,000 addresses previously purchased 8.12 billion DOGE.
Dogecoin also faces significantly weakened seller congestion areas that could increase the probability of the price swinging to $1.0000.
3 Altcoins to Consider as Dogecoin Price Explodes
Although Dogecoin looks promising, investors must take portfolio diversification seriously, especially when new potentially bullish crypto projects are coming up.
All three tokens covered are not associated with big names like Elon Musk, which means they carry a low hype-related risk. Remember, Dogecoin jumped massively due to Musk’s Tweets and mentions in 2021, only to retrace locking up investments.
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