Dogecoin Rallies After Elon Musk Commits “Literal Moon” to DOGE Bulls

Dogecoin Rallies After Elon Musk Commits “Literal Moon” to DOGE Bulls

Dogecoin rallied on Thursday after Elon Musk committed that he would send the meme cryptocurrency to the moon — literally.

The billionaire entrepreneur tweeted that SpaceX, a space technology company he owns, would take a “literal Dogecoin to the literal moon.” The cryptic message ignored to dwell into the hows and whys, but it was strong enough to send a bullish signal across the Dogecoin market. As a result, the DOGE/USD price exploded.

As of 0800 UTC, the pair was trading at $0.071, up 33.94 percent from its intraday opening rate. It looked obvious that traders played a prank of themselves by blowing Mr. Musk’s tweet out of proportion, given it arrived on April Fools’ day.

Dogecoin price rallies on April Fool's Day. Source: DOGEUSD on TradingView.com
Dogecoin price rallies on April Fool’s Day. Source: DOGEUSD on TradingView.com

Dogecoin is notorious for undergoing massive upside rallies over good-for-nothing factors. Last year, in July, a viral TikTok video urged daytraders to pump DOGE/USD bids to $1. The shenanigans were able to take the pair as far as 0.005 after pumping it by up to 155 percent in just three days of trading. It crashed by more than 50 percent after the social media-led buying frenzy.

A similar viral campaign surfaced in late January 2021. Dogecoin bulls pushed the prices by a whopping 1,299 percent in just two days of trading in a copycat rally, inspired by Redditors-led GameStop stock-buying mania.

The intraday upside rally originated from the same prankster bulls — on the day that celebrates pranks.

Dogecoin Pump or Dump Ahead?

The April Fool’s Dogecoin rally carries massive risks for traders who want to enter the cryptocurrency market at its sessional highs. A clear lack of concrete upside catalyst, coupled with a potential liquidity crisis, hints at a heavy profit-taking scenario ahead. In short, only traders with braver risk appetites could tread Dogecoin’s waters.

Dogecoin starts crashing. Source: DOGEUSD on TradingView.com
Dogecoin starts crashing. Source: DOGEUSD on TradingView.com

As of this press time, DOGE/USD was crashing down from its intraday high. It slipped by up to 15.52 percent ahead of the US session, breaking below a flipped support level of $0.06 to turn it back into support. The next downside target appeared at the mid-March resistance level near $0.05.

Photo by Maciej Ruminkiewicz on Unsplash 

Published at Thu, 01 Apr 2021 13:36:33 +0000

ALTCOIN NEWS BITCOIN NEWS BLOCKCHAIN NEWS CRYPTOCURRENCY NEWS ETHEREUM NEWS EXCHANGES NEWS LITECOIN NEWS MARKET NEWS REGULATION NEWS
Gamestop
Important Facts of Gamestop Entering into Cryptomarket
UniFarm
UniFarm Raises $2 Million After Launching Innovative Farming Pool Featuring 17 Top DeFi Projects
XRP, FTX Token, Waves Price Analysis
#HODL #SHILL YOUR SH*T COIN! #SPOTTED! #VIRALS BITCOIN SCAM WATCH FUN QUIZZES
bitcoin-scams
Top 5 Bitcoin Scams you should be aware of!
Instagram Influencer Accused of Scamming Followers Out of $2.5M In Bitcoin Scams
five assorted color cars parked inside room
WHAT WILL YOU BUY WITH YOUR BULL MARKET GAINS?
FAQ'S INTRODUCTION TO BITCOIN INTRODUCTION TO BLOCKCHAIN INTRODUCTION TO CRYPTOCURRENCY EXCHANGES
Cryptocurrency
4 Amazing Perspectives of Cryptocurrency Characteristics, Everyone Should know
How bitcoin Transactions Work
Bitcoin For Beginners: 5 Plus Important Reasons Why You Should Understand The Future Impact of Bitcoin On Society
blockchain
5 Important points about Blockchain, Cryptocurrency, and Bitcoin(Safe or Not)
EXCHANGES WALLETS
coinbase
4 Best Crypto Coins on Coinbase
flat lay gadgets beside bearded man
ULTIMATE LIST : BEST BITCOIN AND CRYPTOCURRENCY WALLETS 2021
person shopping online
2021 BEST BITCOIN AND CRYPTOCURRENCY HARDWARE WALLETS TO STORE YOUR COINS SAFE

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.