Elon Musk once again influenced the small market of DOGE, since he caused the crypto meme to take a 20% upward leap. Several analysts and traders believe that this jump is heralding the bullish season for altcoins.
In recent days, Bitcoin began to correct, dragging much of the crypto market with it. Thanks to a Twitter message from Elon Musk, DOGE jumped by 20% higher in a few hours.
Several months ago, the CEO of Tesla was tweeting about the world of cryptocurrencies, as he often does. On more than one occasion, he has mentioned DOGE, which always leads this crypto meme to volatile bullish jumps.
Elon is so influential over the crypto meme due to its small capitalization of around USD 445 million.
Attention is one of the main drivers of volatility in this ecosystem. When a small-cap crypto receives a significant increase in attention, its price can rise rapidly.
On this occasion, the upward jump occurred after Elon Musk began posting several Twitter messages about Bitcoin. One of the tweets was a meme, and another sentence: “Bitcoin is my safe word.”
However, the one that caused frenzy in the DOGE market was one where he wrote a single word: “DOGE.” That tweet has over 11,600 retweets and 175,000 likes at the time of writing this article.
Undoubtedly, that is a great promotion for a rather small crypto compared to the leaders of the ecosystem.
The Crypto Meme’s Jump Heralds a Bullish Altcoin Season
The DOGE jump is signaling the start of an altseason, according to various analysts and traders. They state that this was generally the case in the past and the current moment seems to be quite in line with this view.
Bitcoin has been going through intraday supports, at times losing the fight to conquer USD 25,000. This will likely allow other market participants to take advantage.
It seems increasingly likely that a major correction of the main cryptocurrency will occur. After being on the rise for 100 days, it has hardly taken small breaths. In any case, this is the typical scenario in which investors should buy daily, given the dominant bullish force.
DOGE’s Weekly Chart
When technically analyzing the price of this cryptocurrency, it is possible to notice that it has had a bullish behavior from the weekly chart. DOGE has experienced steady lows and increasingly higher highs.
Momentum is currently developing and it is challenging the USD 0.0054 mark, resistance that it should break to cast significant bullish signals for the medium and long term. At the moment, it is the scenario that is most likely to occur.
Daily Chart
In the daily time frame of Dogecoin vs the US dollar, it is also possible to notice a bullish succession, which the resistance at USD 0.0054 hinders.
The price of DOGE has been correcting after the jump that Elon Musk promoted. However, if the previous trend continues, any pullback should be able to arouse new interest in discount prices.
By Alexander Salazar
