Elon Musk "Willing to Serve": Dogecoin (DOGE) Jumps Nearly 6% on Tech Mogul's PostElon Musk has once again stirred the price of Dogecoin (DOGE). The SpaceX CEO's recent social media post humorously proposing to serve as the "DOGE" in a Trump administration led to a near 6% surge in the memecoin's price
Elon Musk "Willing to Serve": Dogecoin (DOGE) Jumps Nearly 6% on Tech Mogul's Post
Elon Musk has once again stirred the price of Dogecoin (DOGE). The SpaceX CEO's recent social media post humorously proposing to serve as the "DOGE" in a Trump administration led to a near 6% surge in the memecoin's price.
Musk's post, titled "I will serve," depicted him in a tongue-in-cheek role as "DOGE" in a potential Trump government. He also humorously suggested the name "Department of Government Efficiency" was "perfect" as it mirrored the DOGE code.
Earlier, Trump, in the run-up to the upcoming US election, hinted at the possibility of appointing Musk to a cabinet position, mentioning that he would likely solicit Musk's advice if he wins the November election. Musk recently stated, "I have discussed with Trump the idea of forming a government efficiency committee, and I am willing to be part of it."
Musk's social media posts have consistently held significant influence over Dogecoin's value, as the community often perceives them as endorsements of the memecoin. The actions of Musk's companies SpaceX and X (formerly Twitter) also frequently catalyze price fluctuations in Dogecoin, often dubbed the "Bitcoin of memecoins."
During the XTakeover podcast in July, Musk expressed his fondness for Dogecoin, attributing his preference to his love for dogs and emojis. However, the tech giant reiterated that he wouldn't endorse any cryptocurrency unless it was in jest.
Musk stated, "I do think Bitcoin has its merits, and maybe some other cryptocurrencies I like Dogecoin because I like dogs and memes I won't promote any cryptocurrenciesat best, I'll just make a joke. If you see me promoting crypto, it's not me."
Despite Musk's claim of not publicly pushing any cryptocurrencies, his pronouncements remain impactful for the Dogecoin community. In January, he revealed his personal holding of Dogecoin, while SpaceX invested in Bitcoin.
However, over time, the effect of Musk's statements on Dogecoin has softened. Recent remarks have led to only slight price fluctuations, in contrast to the dramatic surges triggered by his tweets in 2021.
Dogecoin Price Outlook
From the daily chart of DOGE/USDT, Dogecoin holds appeal only if it breaks through and closes above the $0.1200 mark. However, the price currently faces significant resistance. The Volume Profile (orange nodes) indicates potential buy interest from bulls once the price surpasses this level.
The Relative Strength Index (RSI) exhibits some bullish pressure but remains below the 50 level, indicating waning momentum. Simultaneously, the Awesome Oscillator (AO) remains in the negative zone. These combined signals suggest DOGE might continue its downtrend.
Conversely, if bullish momentum intensifies and the RSI breaks above 50, Dogecoin could breach the resistance levels of the 50, 100, and 200-day Simple Moving Averages (SMAs), positioned at $0.1138, $0.1296, and $0.1364, respectively.
If the price crosses $0.1200 and buying pressure sustains, Dogecoin might ascend towards the $0.1600 range, potentially attracting increased bullish interest.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
