Dogecoin Up 4.7%, Benefits From Another 'DOGE' Tweet By Elon Musk
Portfolio Pulse from Khyathi Dalal
Dogecoin (DOGE) has risen 4.7% over the past week, influenced by a tweet from Elon Musk. Despite the rise, technical analysis suggests potential concerns for the meme coin's future performance. The Relative Strength Index is slightly bullish, but the Simple Moving Average indicates a weak long-term trend. Crypto traders have mixed views on DOGE's future, with some accumulating and others predicting a potential pullback.
September 12, 2024 | 11:28 am
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Dogecoin's price increased by 4.7% following a tweet by Elon Musk. However, technical indicators suggest potential concerns, with the Relative Strength Index slightly bullish and the Simple Moving Average indicating a weak long-term trend.
Elon Musk's tweet positively impacted Dogecoin's price, but technical analysis shows mixed signals. The RSI is slightly bullish, suggesting some positive momentum, but the SMA indicates a weak long-term trend, which could lead to a potential downtrend. This mixed technical outlook results in a neutral short-term impact.
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