Elon Musk LON MUSK TWEET PUMPS DOGECOIN 20% CREATING A BUYING OPPORTUNITY? DOGECOIN NEWS & TECHNICAL ANALYSIS
Coming at you with another dogecoin video in today’s video. I have a ton of content to cover so i’m gon na go rapid fire through this and we’re gon na be covering the recent price action of dogecoin and, more specifically, the elon musk tweet that set the asset soaring 20. So with that today, we’re gon na take a deep dive into what that really means, along with doing some technical analysis to see if this is the right time to buy dogecoin if you’ve been tracking the dogecoin price action, this past month has been an absolute roller Coaster, things really started to get exciting around july 6th when a bunch of tick talkers created a viral trend telling everyone to buy into dogecoin and sell when the price is pumped to one dollar. Now many people who track cryptocurrency know that it wasn’t going to go to one dollar, but we can see with all of that hype around it. Dogecoin did end up running over 100 and eventually found a high around point: zero, zero, five. Seven. Since then, we have fallen down a bit as a bunch of people have taken profits, myself included by into dogecoin right before that massive pump, and i did make a decent amount of money. However, when i made this video right here, we were worrying that dogecoin would fall into a psychological market cycle i’m, not going to go into that whole cycle again.
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So you can stay on top of this news as soon as possible, but with that being said, we can see that dogecoin found a bottom around point: zero, zero. Three! It ended up consolidating there for a couple days before another push upwards. This porsche upwards does have a catalyst and we’re gon na get into that right now, on friday july 17th, at around 6 p.m. Elon musk hit us with a dose coin tweet. He was saying that the dogecoin standard is just inevitable and it is going to take the global financial system by storm. Obviously, elon musk has a huge say online, but with this dogecoin absolutely pumped at its very highs, it made a 20 push upwards before falling back down. It has since then fallen down from its peak and it has consolidated around the 0.0034 level. So that is where we’re at today we are consolidating, and i do think dogecoin price is looking quite attractive, but for the main focus of this video is just going to talk about how much say. Elon musk actually has in dogecoin how to couple his tweet on friday. He also released this to twitter, saying that he only sells dogecoin. He is not messing with bitcoin right now, which of course, is only adding to the dogecoin hype.
Now you may be wondering why elon musk even cares about dogecoin. Well personally, to be honest, i do think he is profiting off all of these tweets.
I personally do think he is buying low when the news is quiet and there’s, nothing really happening and then profiting off a bunch of people pumping the assets price. However, whether elon musk actually pumps and dumps these assets doesn’t really matter, because the actions that he does pump and dump these stocks naturally. So he may be not taking advantage of that volatility, but he at least is aware that he has that much say in this market. But with that being said, if we go to this tweet right here, we can see that crypto whale said that nearly 40 million dollars were pumped into dogecoin’s market cap in three minutes following the elon musk tweet. That is absolutely insane guys that he has that much say on this market and if you’re wondering why people even care about elon musk’s opinion on dogecoin, he does have some history with it see that his twitter bio once said he was the former ceo of dogecoin. Well, is that true kind of not really at all, you should know in 2019 dogecoin sent out these tweets trying to find a new ceo of dogecoin and, of course, elon musk won, because he has so many people supporting him. So with all that, he responds saying that dogecoin might be my fave cryptocurrency it’s, pretty cool.
Obviously this doesn’t make him the ceo of dogecoin, but we can kind of say he is the unofficial ceo of dogecoin, and he is definitely a big face for this cryptocurrency.
If we look at past elon musk’s tweets, we can see that this is a regular thing, as he often pumps ideas of buying dogecoin to his followers. He can see that he says dogecoin rules and this doge meme right here and in more recent times on march 3rd, when on twitter talking about dogecoin, he said that they have the best coin. So with that being said, you should just take away that elon. Musk is extremely bullish on dogecoin and he has a history of pumping assets prices over time. As a lot of you know, he is the ceo of tesla and he likes to play these same tricks on that tesla share price. If we go to some past articles, we can remember in late 2019, when tesla price was just getting absolutely demolished. Elon musk had set super high expectations and because tesla didn’t reach those expectations stock went plummeting downwards. Now you may be wondering how he pumped that up. Well, by setting those unrealistic expectations, a bunch of shareholders thought that tesla was absolutely gon na crush earnings, but they didn’t and the share price ended up tanking. Another example in 2018 is saying that he was considering taking tesla private at 420 and, of course, with that he said that any deal would benefit the shareholders with that shareholders.
Absolutely love that idea and the shares rose 7.4 following that elon musk announcement and lastly, guys we have to talk about the most iconic elon musk dump when he went to twitter a couple months ago and said that tesla stock was too high.
In his opinion, tesla’s shareholders obviously didn’t like that news coming from its ceo, though the stock price plummeted. 11. Briefly, following that news, rumors have it that elon musk tweeted that just to have price go down, so he could buy more shares and then dump it once tesla got back to a high price. I definitely have a love hate relationship with elon musk. If you are interested make sure you catch the video later this week, because that’s going to be a banger but getting back to this dogecoin analysis, what do these elon musk tweets actually mean, but we can look at a recent time that elon musk went to twitter Over dogecoin back in march 3rd, when he says they have the best coin, let’s see what happens in the dogecoin price. Here we are on march, 2nd. The high of the day was .0024 and then the very next day it pumps up to 0.0025. Now, to be honest, that’s, not that huge of a pump and the price actually dumped following that tweet, however, since then, if you bought in at that tweet, the dogecoin price is up a substantial amount, so you may be thinking so what nothing really happened last time When elon musk tweeted well, you should know that that is kind of true.
But what happened a couple days ago, you should definitely take note of as well the fact that almost 40 million dollars got pumped into dogecoin. That quick shows us that more people are eager to buy dogecoin now compared to times when elon musk tweeted earlier.
That is probably due to the whole tick tock pump and dump a lot of people in the community were speculating that it was just a huge pump and dump. But you should note that so many of these investors are young and on tick tock they don’t really get that whole concept. So a lot of them have been holding through this whole price action with that there isn’t the same selling pressure on the market. So, with a good catalyst like elon, musk’s tweet, the price could go back to those highs that we saw. That, of course, is in theory, but we should also note that other people are taking note of this huge dojo and spike. Obviously, dogecoin volume shot up a ridiculous amount with this whole tick, tock trend it nearly spiked up 700 and a lot of big name celebrities were hopping on this trend. A very notable one that did is jake paul himself. Jake paul is obviously a huge youtube star and his audience is relatively young. However, he still wanted to make some of this money off the dogecoin hype – i’m, not sure exactly where he posted it, but we can see on twitter here that jake paul was public about his dogecoin investment and with that he only got more people knowing about what Dogecoin is now before i get into the technical side of dogecoin.
I personally want to say my opinions on that whole sector that i just spewed out actually i’ve been seeing more young people investing in cryptocurrency, especially dogecoin, now than i have ever seen in my life.
I’Ve also seen dogecoin seen a huge spike on social media, and a lot of people are wondering about the new dogecoin news, but with all that, i do not think this whole thing is a pump and dump, and i actually think dogecoin is bullish in the short Term, yes, that is right. I want to be totally transparent with you guys. I do not have a ton of money invested, because this is still a very speculative play and you should not go in with more money that you’re willing to lose. But i do have 200 invested in dogecoin. Right now really have to take note of just how hypey this dogecoin stock is, and so to be honest guys with so many people, knowing about dogecoin right now, i think someone is inevitably gon na pump the price back up again. We don’t know who that’s gon na be, but we’ve seen so many people have such a big influence on the dogecoin price action that i think, if you just hold on to dogecoin and be patient right now, someone is gon na reward. You for doing that. Again. This is all my personal opinion. This is not financial advice, but personally, when i see elon musk buying an asset or advertising an asset, i am also buying into that asset.
That is not because i’m just an elon musk follower. That is because i know that there’s. So many elon musk followers that whatever he says, is likely gon na become true.
Now are we really gon na hop on the dogecoin standard for the global financial system? I personally really do not think so, but the fact that elon musk is spewing out positive tweets means that he’s probably already invested in this asset and he’s looking for it to go up. Think about it. If you wanted the price to go down to reinvest in it, he would easily say something negative about dogecoin the fact that elon is bullish on dogecoin and there’s, just so much attention. I really do think this is a good buying opportunity. Now you should never invest because some rando tells you online. However, i am gon na go into the technical aspect a little bit, so we can see if these charts are gon na back up our prediction. Here we are on trading view. This is a great free online platform to look at assets price over time with that i’ve put on a few simple exponential moving averages, an rsi and a macd. Now first, i just want to talk about this one month chart you can see that the rsi saw a huge spike on elon’s tweet, but has fallen to a healthy level since then, but since then it has sold into oversold territory, but right now it is looking To cross back and add some buying pressure to the market, these indicators both play off volume, which is a huge thing to look at when looking at these very hyped cryptocurrencies like dogecoin.
However, even though i think these two indicators are looking bullish, the exponential moving averages really seal the deal now again past price action is not indicative of future success. However, we need to note that this pink ema right here is a pivotal spot for dogecoin. This is the 200 day ema and you should notice that every time that dogecoin spikes above the 200 ema, it is inherently bullish. Let’S, look at the tick tock spike. He pumped way above that ema kind of consolidated almost touched back on it before we could touch on it. We saw an insane boost to the upside. We should also note that it acts as a resistance when dogecoin is bearish, we can see it got rejected here. For falling back down to the lows, however, thanks to elon musk’s tweet, we shot back above that 200 day ema, and since then we have been consolidating on top of it. You should know that this is very bullish in the last time that we even kind of consolidated on top of this sma, we saw a big spike to the upside afterwards, so again that doesn’t have to play out, but it is interesting to see. However, before i leave you guys, i want to give you the bigger picture here and show you the one year time frame. You should know that at the time of recording, this dogecoin has dipped into oversold territory on the one year rsi and the macd is pushing back upwards again.
Both of these signals are very bullish, and personally that is one of the reasons i am bullish on dogecoin right now. If we go back to robin hood, which is the best place to trade, dogecoin, again link in description, we can go to a more detailed view and see that that ema that i was showing you about earlier, looks similar to the 100 day moving average. This has recently played an even bigger role in determining dogecoin’s price, as we can see that, once we are above this yellow 100 day moving average, we are extremely bullish, but when we dip below it, we often treat it as a resistance and create lower lows.