DOGE Surges 8% Following SpaceX IPO and Musk's Wealth Milestone

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 hours ago

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Strong Market Reaction: Following the news of SpaceX's IPO and Elon Musk's wealth milestone, DOGE surged nearly 8% to $0.091 during intraday trading, reflecting a robust interest in high-risk assets, although it later retreated to around $0.087 due to profit-taking.
Technical Breakout Signals: DOGE broke above a descending trendline on the four-hour chart and reclaimed the 0.618 Fibonacci level at $0.0867, indicating short-term support, but it still faces tests from supertrend resistance, which could limit further upside.
Volatile Market Sentiment: While momentum indicators show early signs of recovery with the MACD histogram turning positive, market confidence remains fragile, and analysts caution that current excitement may exceed fundamentals, with potential Bitcoin corrections posing risks to DOGE.
Traders Monitor Developments: DOGE's behavior is closely linked to Musk-related news, and traders are watching whether the price can hold above resistance; if it breaks through $0.088, targets could shift to $0.0896 and $0.0924, while failure to maintain support could lead to a pullback to $0.0827.

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Technical Analysis for DOGE

Technical Sentiment Analysis for Dogecoin (DOGE). As of , Dogecoin (DOGE) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DOGE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, DOGE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Dogecoin (DOGE) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0628	0.0702	0.0776	0.085	0.0924	0.0999	0.107
Fibonacci	0.0702	0.0759	0.0794	0.085	0.0907	0.0942	0.0999

About DOGE

Dogecoin (DOGE) is based on the popular 'doge' Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin's creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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