On Monday, October 31, Elon Musk shared a Halloween tweet of his Shiba Inu pet canine sporting a Twitter t-shirt. It was clear that Musk was teasing the modifications of getting Dogecoin (DOGE) very quickly to the Twitter platform.
Elon Musk’s tweet was sufficient to pump DOGE by one other 15% pushing it above $0.14. Over the final week, Dogecoin has entered a powerful rally with Elon Musk buying Twitter in a $44 billion deal. The world’s largest memecoin is buying and selling at 140% good points on the weekly chart.
On-chain information supplier Santiment has provide you with clear proof that the Twitter information was the solely cause behind the DOGE worth rally. Last week, the DOGE worth reached 15 cents and retraced later. However, Musk’s tweet on Monday pushed it as soon as once more to this worth stage.
Santiment additional explains that identical to the handle exercise, the Dogecoin buying and selling quantity has seen related divergence.
Furthermore, Santiment explains that the Dogecoin-related social sentiment in the market is fairly sturdy in the market. It added:
A traditional image of huge social quantity spike marking a possible high, plus sentiment goes greater and better, that means persons are very optimistic of their DOGE-related statements. DOGE and associated phrases have been holding top5 of our social tendencies for the final 4-5 days.
Will DOGE Price Reach $0.2?
It is obvious that DOGE has been rallied based mostly on the Twitter information over the final week. So, if any optimistic developments round the identical come or Musk makes an official announcement with Dogecoin funds on Twitter, it will be a straightforward 33% rally from right here onwards.
Note that with the latest explosive transfer of Dogecoin, we might count on sturdy volatility going forward. As per the Elliot wave evaluation, Dogecoin is presently transitioning from the second wave to the third wave. This could possibly be the largest spike for DOGE on this progress cycle.
But, the catch is that this evaluation is barely legitimate when the second wave is corrective. After the second wave, DOGE didn’t enter a short-time correction which might quiet down the asset from being overbought.
As the third wave is strongest in Elliot’s evaluation, DOGE would require huge inflows from traders to rally additional.
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