Dogecoin bucked the crypto trend thanks to Elon Musk and SpaceX

Amidst the fluctuating market rates of various tokens including bitcoin itself, Elon Musk is putting all of his efforts to pump Dogecoin and bring it into the broader arena of crypto-marketing. While established cryptocurrencies like bitcoin were facing the downfall, here comes Elon Musk with his Twitter announcement that resulted in the hike in DOGE’s value. Want to know more about what happened? What was the tweet? Here we go, digging deep into the subject.

Rising Dogecoin

On Friday, Dogecoin (DOGE) rose by 4.63%, which helped the DOGE to buck the broader market trend, while bitcoin saw a decrease on the third day in a row.

Coping up with a 6.15% drop on Thursday, DOGE found a hike of $0.0814 which was not only supported by Elon Musk’s SpaceX news but also led to the rise in DOGE value by a considerable amount.

Elon’s Tweet

On Friday, May 27, Elon Musk announced that SpaceX can be exchanged with DOGE as payment for merchandising. This news was enough to bring 15% of the pump into the DOGE.

Other than that, no other details were mentioned about when and how the DOGE payment would be implied.

While announcing the exchange of DOGE and SpaceX via tweet, DOGE was down 0.21% to $0.08125.

Later on, we witnessed that the DOGE broke through the First Major Resistance Level at $0.0826 and the Second Major Resistance Level at $0.0873 before ending the day at sub-$0.0810. Whereas, the rest of the crypto top ten saw red.

Technical indicators

To target the First Major Resistance Level at $0.0887, Dogecoin must move through the $0.0824 pivot.

The Second Major Resistance Level at $0.0961 can be implemented through an extended rally test and resistance at $0.10. The Third Major Resistance Level sits at $0.1098

Final thoughts

This is it, we can see how a simple tweet by a leading economist can influence the value of an asset. In some ways, it is good for the traders and coin holders but the new buyers often overlook the risk associated with it. The reason behind it is the Hippocratic mentality of buyers. So, we would suggest the buyers wait and watch the figures and candles associated with the cryptocurrency you are investing in.