In summary:
- 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.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk, the 2nd (@elonmusk) March 14, 2021
Ancient Romans Sacrificed a Dogecoin
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.
Will Coinbase List Dogecoin?
In an earlier Twitter conversation, Elon Musk was asked whether he thinks that Coinbase should list Dogecoin since Tesla bought its $1.5 Billion bags of Bitcoin through the exchange. In response, Elon twisted a simple ‘Yes’ as seen in the following screenshot.
$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.