The Musk takeover of Twitter has the crypto crowd excited. Especially, the Doge traders.
Recall, Musk announced in May that Tesla and SpaceX merchandise could be purchased with Doge.
If Musk is still heavily invested in the digital currency, it would certainly help lower his cost of buying Twitter if there was a significant bounce in Doge. Right?
Doge trades love Elon Musk
The price of Doge on Coinbase is trading at $0.8744 currently. That is up $0.01046 or 13.63% on the day. Since October 13, the price is up 58.7%. The cycle low reached $0.04908 on June 18. The all time high reached $0.7399 (or so my chart says). So there is a lot of upside.
The FOMO will be hard to pass up for the crypto and meme crowd especially since the last year or so has taken the wind out of the free money gravy train. If those traders can gather a few nickles, they can get into Doge ahead of the moon shot – or thats the hope. To the moon!
Technically speaking the price is back above the 200 day MA at 0.07782 for the first time since November 202. For traders who want to define and limit risk because – well things don’t alway work out as expected – that MA can be close risk. The 100 day MA at 0.06448 can be another risk defining level.
If the FOMO traders are really back in control, they should love to buy at those levels too…
