Dogecoin Surges 55% As Elon Musk Tweets “DOGE”

A single-worded tweet by the world’s richest man has once more triggered a bull run on Dogecoin. DOGE/USD has gained 55% as at the time of writing this Thursday, as Elon Musk tweeted “DOGE”. 

Elon Musk also tweeted: “Dogecoin is the people’s crypto”, and followed it up a few minutes ago with yet another tweet that said “no highs, no lows, only Doge”. 

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This is not the first time Elon Musk has given some insight as to his affinity for Dogecoin. The first time around, the trading world took no notice. But things have changed. Musk has since become the world’s richest man, and WallStreetBets drove an incredible 800% pump on Dogecoin. 

DOGE/USD is now trading off its intraday highs at 0.051930000.

Technical Outlook for DOGE/USD

Today’s upsurge has tested the resistance posed by the 23.6% Fibonacci retracement level at 0.05795496, but bulls were beaten back at that level. The pullback retested the support at the 38.2% Fibonacci retracement level (0.04831392), but DOGE/USD is finding fresh demand there. 

Further upside on the pair towards last week’s all-time high requires the pair to break above 0.05795496. On the other hand, a breakdown of 0.04831392 allows DOGE/USD to take on the 50% retracement mark at 0.04052186. 

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DOGE/USD Daily Chart

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