DOGE soared to highs of $0.09297 as DOGE has a history of benefiting from a positive tweet from Elon Musk’s SpaceX, rising almost 10% around January 10.
- Dogecoin price analysis shows DOGE has formed a falling wedge chart pattern.
- A correction from the highs of $0.09297 to $0.08401 has been seen, as Dogecoin attempts to find support.
- The dogecoin community is showing strong bullish sentiment with a potential for further upside in the near future.
As of April 20, 2023, Dogecoin was trading at $0.0942 during the opening of today’s trading session, up almost 94% from its low of $0.0491 in June 2022, but still 88% below its all-time high of $0.76 set in May 2021.
The price rebound in October 2022 coincided with Elon Musk’s shaky takeover of Twitter amid hopes that Dogecoin would become the social media platform’s official payment token.
However, Musk has not added a DOGE payment option on Twitter. Still, he briefly replaced the platform’s iconic bluebird logo with the Dogecoin official mascot from the Shiba Inu meme earlier in the month, and DOGE rallied by up to 40% on the news.
The subsequent uptick in Dogecoin price was pumped by the Starship launch on April 20, when SpaceX CEO Elon Musk revealed that the Starship launch was successfully completed. However, after gaining 10%, Dogecoin corrected at $0.08401, a pullback from $0.09297 as profit-taking began to creep in.
Analysts suggest that Dogecoin is beginning to form a falling wedge chart pattern, which is often seen as a sign of bullish sentiment. This indicates that the pullback could be only temporary, and there’s potential for further upside shortly.
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