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

The favorable information comes months after the billionaire business owner stated DOGE was a much better token to negotiate with thanBitcoin

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

Dogecoin (DOGE) costs climbed significantly onJan 14 as Elon Musk introduced that Tesla would certainly begin approving it as settlement for goods.

After the news, DOGE cost leapt virtually 13%, striking a 30-day high of $0.2150. Its upside relocate came as a component of a bigger intraday rally that currently was happening prior to Musk’s Dogecoin tweet went viral.

The DOGE cost increased by over 25% onJan 14 prior to remedying reduced to $0.1986 on profit-taking.

701d32fb12cb1873a8806641384f5db4 - Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch - 11

Better than Bitcoin

Tesla’s assimilation of a DOGE settlement alternative on its on-line buying website came nearly a month after Musk shared his readiness to approve the cryptocurrency as settlement on an examination basis.

At the spotlight of Musk’s love for DOGE was its “better-than-Bitcoin” functions, mainly as a repayment alternative because of its reduced electrical energy intake. In passages from Musk’s declarations to Time Magazine, he described that:

“Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”

The billionaire entrepreneur further stressed that Bitcoin’s cost per transaction is high while its transactional volume is low compared to DOGE. As a result, Bitcoin could be well off being a store-of-value asset. On the other hand, DOGE could keep on encouraging people to spend.

What’s next for DOGE?

The latest round of buying in the Dogecoin market somewhat subsided as DOGE tested a multi-month resistance trendline for a topside breakout.

In detail, DOGE price rally was rammed into a descending trendline resistance that had been capping its upside attempts since May 2021. On Jan. 14, the trendline again became instrumental in sending DOGE from its intraday top of $0.2150 to $0.1958, as shown in the chart below.

fb5442ce9dd0638204c26c2dda8c2c1b - Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch - 13

Meanwhile, the Dogecoin’s 200-day exponential moving average (200-day EMA; the orange wave) also played a key role in limiting its gains on Jan. 14. Together, the resistance confluence hinted that DOGE price may pull back from its ongoing uptrend in the coming sessions. 

  Virtual land in the Metaverse dominated NFT sales over past week

Related: Dogecoin creator slams Mozilla for pausing crypto donations

Should this happen, the token will look poised to test its 50-day EMA (the velvet wave) as support, with the possibility to extend its correction towards $0.1367 due to its recent history as support.

ab8703be776701e6dd893db71cba3d49 - Dogecoin leaps 25% after Musk announces DOGE payments for Tesla merch - 15

Conversely, a definitive outbreak over the coming down trendline resistance and also the 200-day EMA can have investors eye $0.30 as their following advantage target in the Dogecoin market. The location bordering the $0.30-level had earlier worked as resistance.

Every trader who trades cryptocurrency on the Binance exchange wants to know about the upcoming pumping in the value of coins in order to make huge profits in a short period of time.
This article contains instructions on how to find out when and which coin will participate in the next “Pump”. Every day, the community on Telegram channel Crypto Pump Signals for Binance publishes 1-2 free signals about the upcoming “Pump” and reports on successful “Pumps” which have been successfully completed by the organizers of the VIP community.
These trading signals help earn from 5% to 45% profit in just a few hours after purchasing the coins published on the Telegram channel “Crypto Pump Signals for Binance”. Are you already making a profit using these trading signals? If not, then try it! We wish you good luck in trading cryptocurrency and wish to receive the same profit as VIP users of the Crypto Pump Signals for Binance channel.
Alex Sanders/ author of the article

Expert in marketing and investment project management, financial analyst. Cryptocurrency trader, private consultant, as well as the author of a number of analytical articles on effective work in the cryptocurrency market.

Binance Pump Signals for Cryptocurrency
Leave a Reply