Dogecoin duo Mark Cuban and Elon Musk send DOGE 34% higher

Dogecoin, DOGE Cuban Musk
image from FT.com

Key Takeaways:

  • Mark Cuban sparks a Dogecoin rally again, and Elon Musk joins in.
  • In collective effort, the two proponents raise the Doge price by 34 percent in four days.
  • Technicals suggest a correction might cap the rally soon enough.

YEREVAN (CoinChapter.com) – Dogecoin (DOGE) is notorious for its volatility and immediate price action, especially amidst tweets from prominent influencers.

The same happened in the last four days as DOGE/USD rates rallied by almost 34% as traders assessed tweets from Mark Cuban, a renowned tech investor and owner of NBA’s Dallas Mavericks, and Elon Musk, the billionaire CEO of Tesla and Space-X.

On August 13, in an interview with CNBC, Cuban stated that Dogecoin has wide functionality up its sleeve, apart from being “fun.”

“It’s a medium that can be used for the acquisition of goods and services. The community for doge is the strongest when it comes to using it as a medium of exchange,”

asserted Mr. Cuban.

Meanwhile, Mr. Musk supported Mr. Cuban’s statements.

Proponents get active

What followed the interview is a row of comments and tweets that lasted for two days. When another Twitter user urged Mr. Cuban to “stop the doge shill,” he defended the crypto by saying that people choose to it over other payment methods on their own accord.

Mr. Cuban also commented that Doge is cheap to buy and accessible for most people, as opposed to a single unit of Bitcoin (BTC). However, Dogecoin’s greatest strength is its imperfection.

Also read: Dogecoin bulls request AMC chief to accept Doge payments; price rises.

To extend his Dogecoin support even further, the investor stated that anyone willing to pay for Mavericks’ merchandise is Doge, will get an additional discount. All the commotion around the pet crypto got the Dogefather’s attention. Mr. Musk commented on the CNBC report, stating that he had been saying that all along.

The Tesla CEO’s affection towards Doge used to be regularly reflected in his Twitter feed. After a severe crash on the crypto market at the end of May, the entrepreneur commented that he would not sell his Dogecoin. He asserted that he’s the “ultimate HODLer.”

Also read: With the 4th largest daily volumes, Elon Musk’s favorite Dogecoin surges by 29% in 24 hours.

Dogecoin daily chart

All the positive exposure on social media once again resulted in a sharp uptrend. Doge leaped 34 percent in 4 days. The DOGE/USD exchange peaked at 0.34 on Sunday before consolidating at 0.33 in the Monday session.

Dogecoin on a 34% rally. Source: DOGEUSD on TradingView.com
Dogecoin on a 34% rally. Source: DOGEUSD on TradingView.com

The digital asset broke out of the support/resistance bar at the $0.29-0.32 price range and retested the bar as support again on Monday. Should the uptrend prove consistent, the next support/resistance lies at 0.37. Doge could either conquer it too or retest as resistance and correct downward.

However, the high relative strength index (RSI: momentum indicator) suggests a possible correction before Doge reaches $0.37. The RSI stood at 80, indicating the traders’ doubts of whether it can hold the price much longer. Therefore, if the prognosis has merit, Doge might see a correction in the upcoming sessions.

Also read: Bitcoin (BTC) could top $100,000 early next year, supported by bullish indicators.

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