Elon Musk has declared via Twitter that he is getting a Shiba Inu
Dogecoin’s mascot is a Shiba Inu dog
Elon Musk also tweeted about a ‘Doge Day Afternoon’ where the ancient Romans ‘sacrificed a Dogecoin’
Dogecoin holders want Coinbase to list DOGE
The CEO of Tesla, Elon Musk, has declared via Twitter that he will be getting a Shiba Inu dog. Mr. Musk went on to use the hashtag #resistanceisfutile to illustrate the level of seriousness in his decision to get a dog that resembles the official mascot of Dogecoin (DOGE). Below is his tweet informing his followers about getting a Shiba Inu dog.
Elon Musk went on to Tweet about a fictitious event known as a ‘Doge Day Afternoon’ as described below.
Origin of Doge Day Afternoon: The ancient Romans sacrificed a Dogecoin at the beginning of the Doge Days to appease the rage of Sirius, believing that the star was the cause of the hot, sultry weather.
$0.64 is Proving to be a Tough Resistance for Dogecoin
Elon Musk’s response to the tweet has had a ripple effect in the crypto community as Dogecoin holders believe it is time for Coinbase to list DOGE as the meme-coin proven itself with time as being a valuable asset.
With respect to price, Dogecoin is trading at $0.060 and is still within the $0.064 to $0.041 price range earlier identified. A quick glance at the daily DOGE/USDT chart reveals that the price of Dogecoin is still trading slightly above the 50-day moving average (white) as seen below.
Also from the chart, the following can be observed.
The daily trade volume is green albeit too low to plead the case for a serious bullish case for Dogecoin
The daily MACD has crossed in a bullish manner above the baseline although the volume is once again low
The daily MFI is in overbought territory at a value of 81
The daily RSI is in neutral territory at a value of 64
Dogecoin’s price is still consolidating at the earlier mentioned range of $0.064 to $0.041
A positive break out of this range could have DOGE retest $0.0722, $0.081, or even $0.088
A breakdown of the $0.041 support could send DOGE to $0.029, $0.021, or as far down as $0.014
Summing up the brief technical analysis, Dogecoin is consolidating in anticipation of a move in either direction. Perhaps a Coinbase listing might be what is needed to send Dogecoin to the highly anticipated price ceiling of $0.10.