Dogecoin Price Prediction: DOGE Gains Strength After Latest Elon Tweet

Dogecoin (DOGE) price is showing great strength amid sideways BTC price action. Most altcoins are showing a negative price action today as BTC failed to break above $29,500 once again. The low volatility in the crypto markets is keeping traders at bay as they await a major breakout in Bitcoin.

DOGE seems to have a mind of its own. The top memecoin is trading already 50% above its monthly lows. Technical analysis reveals that the bulls have been constantly gaining momentum for the past few weeks. On Monday, Dogecoin turned green once again. At press time, the digital asset was trading at $0.079 after rising 1.89% during today's trading session.

Why Is DOGE Going Up?

The price action of a memecoin like DOGE coin is mainly driven by social media hype. The latest surge in Dogecoin comes due to the Twitter rebranding. Due to Elon Musk's interest in the dogcoins, crypto holders anticipate these coins to be a part of the tech billionaire's everything app, X.

Unlike most other cryptocurrencies, Dogecoin price prediction primarily relies on tweets from Elon Musk. Tweets from the Tesla boss often generate massive volatility spikes in DOGE and SHIB. This makes it very difficult to predict the price action of the top meme coins. However, the advanced technical analysis gives us a few key levels which could act as the lines in the sand for many whales.

Why Does Elon Like Dogecoin?

There are multiple reasons behind Elon's obsession with Dogecoin. Musk has a well-known sense of humor and seems to appreciate that Dogecoin is a joke cryptocurrency. The eccentric believes that Dogecoin has the "best humor" of any cryptocurrency. Another reason why the world's richest man is bullish on Dogecoin is its decentralization. Unlike most other altcoins, no single entity currently controls Dogecoin.

DOGE has a passionate and dedicated community of supporters. Musk has said that he is impressed by the community's enthusiasm and believes that it could be a key factor in Dogecoin's success. Considering these views of Elon, the memecoin community expects Dogecoin to be a part of Elon's upcoming 'everything app'. The change of the Twitter logo is a part of rolling out the full features of X, which would be an app for everything.

Dogecoin Price Prediction Flips Bullish

The DOGE to USD chart has flipped very bullish in the past couple of weeks. Multiple confluences are suggesting a price increase in the coming weeks. As visible on the following chart, the price has broken out of the downward trendline, which signals an end to a downtrend.

Ater this breakout, the price has also broken above the 200-day moving average, which currently lies at $0.0766. The reclaim of this key moving average is considered very bullish by traders. Dogecoin price prediction would remain bullish until the price remains above 200 MA. Currently, the only thing negatively impacting the DOGE coin price is the weakness in Bitcoin price.