As Elon Musk confirmed his Twitter buyout for $44 billion, meme-king Dogecoin surged, making an upward move of more than 7% in the last 24hrs. This move has proved Dogecoin’s strong relation with Elon Musk’s actions and that he is, indeed, the self-proclaimed Dogefather. The main reason for this is that in April, Musk had claimed that he uses DOGE as a payment method for Twitter’s blue service.
In the early hours today, the Dogecoin price had captured $0.084 before experiencing a considerable setback. At the time of reporting, Dogecoin is selling at $0.081 after a surge of 7.86% in the last 24hrs.
A well-known crypto analyst and trader, anonymously known as Smart Contracter, portrays his bullish stance towards Dogecoin in the midst of the overall crypto market retracement. The analyst informs his 211,800 followers on Twitter that Dogecoin is flashing a bullish trend against Bitcoin (BTC).
As per the analyst, Dogecoin is displaying an inverted head and shoulder (IHS) pattern on the charts- something that he says has been building up for a year now
At the start of this week, the analyst had informed people that, on the Bitcoin chart, Dogecoin is about to witness the breakout of a 12-month inverse head and shoulder pattern. He also said that once Dogecoin breaks this level, the currency will not bounce back.
Next, before Smart Contracter wraps up his analysis, the analyst talks about Aave (AAVE), a DeFi protocol. He suggests that Aave is set to spike nearly 78% from its current trading range.
In addition, he predicts Aave would hit more than $150 in the next two months.
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