Ask Leo: Can Elon Musk’s Twitter Deal Boost Dogecoin To $1?
If you recall, a few days ago, I wrote this piece on Twitter & Elon Musk: Is Dogecoin The Next Big Thing If Elon Takes Over?
All of these speculations began with Tesla Chief Elon Musk expressing his desire to take over Twitter yet again. This comes shortly after he paused the Twitter deal initially, after all of the participants had agreed to the terms of the deal. I guess it's startling.
As I stated in the last post, there’s quite a lot of buzz surrounding Dogecoin at the moment, and as a result, huge Doge investors and teeny-tiny Doge investors like myself are enthusiastic and expectant that the coin will see a tremendous boost in no time, considering how much impact the teeny-tiniest remarks on Twitter by Elon Musk have had.
If you recall, the Tesla CEO has endorsed the coin on Twitter multiple times, and the price has risen with each mention. Imagine how much publicity and value Dogecoin could receive if Elon Musk completely takes over Twitter.
Investors like me have long believed that the coin will one day hit the $1 mark. When I discussed Doge reaching that level in the near future with a friend, he told me I was being overly optimistic.
Seeing that the highest the coin has ever done is $0.74 as of May 2021, it is not difficult to see why my friends and anyone else would think that I'm delusional when I say that it will cross the $1 mark. Unfortunately, my $1.00 mark fantasy is also built on shaky ground, as the coin is currently trading at $0.06357.
If you recall, Tesla CEO Elon Musk has promoted the coin on Twitter several times, and the price has risen with each mention. Consider how much attention and value Dogecoin will receive if Elon Musk completely takes over Twitter.
Given that the coin's all-time high is $0.74 as of May 2021, it is not difficult to see why my friends and anyone else would think that I'm delusional when I say that it will cross the $1 mark.
From a shorter-term technical analysis, DOGE now looks poised for further upside after strong bullish action brought the price through the $0.063 resistance area on Tuesday this week. Worth noting is also that the price appears to have found support to the downside around $0.050 and $0.057, with these two levels now key if DOGE is to avoid further losses. Also pointing in a bullish direction right now is the fact that DOGE has broken above both the 20 and 50-day moving average lines. These moving averages are both considered important levels to watch for medium-term traders. Source
In conclusion, I believe that Elon Mask acquiring Twitter would have the best effect on Doge’s growth.
Posted Using LeoFinance Beta
