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On Monday, October 31, Elon Musk shared a Halloween tweet of his Shiba Inu pet canine sporting a Twitter t-shirt. It was clear that Musk was teasing the modifications of getting Dogecoin (DOGE) very quickly to the Twitter platform.

Elon Musk’s tweet was sufficient to pump DOGE by one other 15% pushing it above $0.14. Over the final week, Dogecoin has entered a powerful rally with Elon Musk buying Twitter in a $44 billion deal. The world’s largest memecoin is buying and selling at 140% features on the weekly chart.

On-chain knowledge supplier Santiment has provide you with clear proof that the Twitter information was the solely motive behind the DOGE worth rally. Last week, the DOGE worth reached 15 cents and retraced later. However, Musk’s tweet on Monday pushed it as soon as once more to this worth degree.

Santiment additional explains that similar to the tackle exercise, the Dogecoin buying and selling quantity has seen comparable divergence.

Furthermore, Santiment explains that the Dogecoin-related social sentiment in the market is fairly sturdy in the market. It added:

A traditional image of huge social quantity spike marking a possible high, plus sentiment goes increased and better, which means persons are very constructive of their DOGE-related statements. DOGE and associated phrases have been holding top5 of our social developments for the final 4-5 days.

Will DOGE Price Reach $0.2?

It is evident that DOGE has been rallied primarily based on the Twitter information over the final week. So, if any constructive developments round the identical come or Musk makes an official announcement with Dogecoin funds on Twitter, it might be a simple 33% rally from right here onwards.

Note that with the current explosive transfer of Dogecoin, we might count on sturdy volatility going forward. As per the Elliot wave evaluation, Dogecoin is at present transitioning from the second wave to the third wave. This could possibly be the largest spike for DOGE on this progress cycle.

But, the catch is that this evaluation is simply legitimate when the second wave is corrective. After the second wave, DOGE didn’t enter a short-time correction which might calm down the asset from being overbought.

As the third wave is strongest in Elliot’s evaluation, DOGE would require large inflows from traders to rally additional.

Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary abilities.

The offered content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.