by: John P. NjuiPosted on:

$0.10 Remains Elusive for Dogecoin (DOGE) Despite Elon Musk Tweeting Photos of His Dog

On Wednesday, Twitter’s owner and CEO, Elon Musk, tweeted multiple photos of what many assumed was his pet, Shiba Inu dog. The images by Mr Musk came with the captions that the dog was the new CEO of Twitter and was incredibly good at math.

Dogecoin’s $0.10 Price Level Remains Elusive.

Elon Musk‘s tweets about his pet dog being the Twitter CEO had a notable effect on the price of Dogecoin (DOGE). Before his tweets, Dogecoin (DOGE) was trading at around the $0.080 price area, only to pump by 13.75% to a local peak of $0.091 later in the day.

However, Dogecoin’s $0.10 psychological price remains elusive for the memecoin. The one-day DOGE/USDT chart below, courtesy of Tradingview.com, shows that Dogecoin is in bullish territory above the crucial 50-day (white), 100-day (yellow) and 200-day (green) moving averages at current levels of $0.08652.

Also, from the chart, Dogecoin’s daily MFI (green), MACD and RSI (red) are yet to show signs of exhaustion, indicating that DOGE/USDT could undergo a slow climb to the $0.10 price area in the days to follow.

However, such a bullish outlook of Dogecoin is hinged upon a stable or bullish Bitcoin providing a generally optimistic sentiment in the crypto markets.

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