Dogecoin (DOGE) price prediction is being influenced by Elon Musk once again. On Monday, the tech billionaire and CEO of Twitter replaced the Twitter bird logo with a Doge logo. The move was enough to pump DOGE price by 21% in a single day. Other memecoins like Shiba Inu also showed a positive price action.
On Tuesday, the DOGE coin had another great day as the price gained 3.15% during today’s trading session. At press time, the cryptocurrency created out of DOGE memes is trading at $0.099 and retesting a major resistance.
DOGE Price Surge Liquidates $26 Million
Following Elon Musk’s tweet, Dogecoin price soared by more than 21 on Monday. This move liquidated shorts worth around $26 million and caused the price to pump even more. DOGE market cap also soared and reached $13.8 billion, leaving behind that of Cardano (ADA). According to Coingecko, Dogecoin is currently the 7th biggest cryptocurrency by market cap.
Elon Musk also shared an old Twitter thread in which a user asked Musk to buy Twitter and change its logo to Doge. The move comes at a time when Elon Musk is being sued by Dogecoin investors about his involvement in running a Ponzi scheme.
Dogecoin Price Prediction Flips Bullish
Analysis of the DOGE price chart reveals that the coin is retesting the key psychological resistance of $0.10. Although the price pierced through this level yesterday, it failed to close above. At the time of writing, the price is trading above this level once again. If it closes above $0.10 today, I expect a quick 10$ pump till $0.11.
Dogecoin price prediction will become extremely bullish if the price reclaims the $0.11 level. This might trigger a 40% move with a potential target of $0.158 in sight. This level is the November 2022 high which will be the next major resistance after $0.11.
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