A crypto analyst says Elon Musk could cause the meme token Dogecoin (DOGE) to breakout from an enduring resistance level.
Pseudonymous analyst Pentoshi tells his 672,200 Twitter followers that the biggest rival to meme token Shiba Inu (SHIB) is showing bullish support that may send it higher.
He says DOGE has faced resistance at about the $0.0940 price level for the better part of a year, but if it holds it could indicate a breakout to $0.159 is imminent.
“On a real note, think DOGE here is at an important level. Breaking out from the range highs that has stopped it for the better part of almost a year. Would like to see this level hold and have follow through to the upside. More of an impulsive coin so not always easy to catch.”
Pentoshi says Musk may be the catalyst that sends Dogecoin soaring.
Musk, a Dogecoin supporter, is making moves to allow crypto payments on Twitter, the microblogging social media platform he purchased last year.
“What if Elon Musk is the DOGE catcher? Or would it be too obvious in hindsight?”
Another crypto analyst, Smart Contracter, says Dogecoin may have reached a bottom.
He says DOGE is performing strongly against Bitcoin (BTC), bouncing back up from a support level of 0.00000387 DOGE/BTC.
“DOGE/BTC is at a pretty interesting weekly level here. If you think the bottoms in, DOGE is never a bad bet.”
Looking at his chart, he forecasts Dogecoin going on a massive surge of more than 100% sometime in March, reaching 0.00000808 DOGE/BTC.
“Admittedly, DOGE/USD looks like a hot… mess to my eyes, but DOGE/BTC OTOH [on the other hand] looks gearing up for a revenge pump of probably 100% or more. Would be negligence on my part if I did not have a bag of this.”
Dogecoin is worth $0.0950, or 0.00000396 DOGE/BTC, at time of writing.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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The post Elon Musk To Spark Next Dogecoin Rally? Crypto Analysts Look at Catalysts for Shiba Inu’s Biggest Competitor appeared first on The Daily Hodl.