Technical Analysis

Dogecoin Price Analysis – April 04, 2023

By LonghornFX Technical Analysis
Apr 4, 20233 min

Daily Price Outlook

DOGE/USD is currently trading over 25% higher at 0.097920. This surge in value occurred after Elon Musk changed the Twitter web logo to a Shiba Inu, which resulted in a significant increase in the value of Dogecoin.

Twitter's New Logo Results in Rise of Dogecoin

On Monday, Twitter users were greeted with an unusual sight - the blue bird logo that had been there previously was nowhere to be seen. Elon Musk, the most vocal advocate of Dogecoin, changed the bird logo on his company's website to a picture of a Shiba Inu, the dog that represents the meme token Dogecoin.

This platform-wide symbol update is visible to the approximately 360 million monthly active users and visitors of the social media giant. Shortly after the change, the CEO of Twitter and Tesla posted a meme that appeared to suggest the adjustment would remain for some time.

Additionally, Dogecoin's value increased dramatically after the modification, pushing its price to over $0.10 for the first time in several months. The volatile cryptocurrency surged by more than 30% in just 30 minutes.

Some users speculated that it might have been an April Fool's joke that the company couldn't implement on time for April 1st. However, the conversation with the moderator of the popular r/WallStreetBets subreddit on Twitter played a role in the change.

Furthermore, this change occurred shortly after Elon Musk asked a US court to dismiss a $258 billion lawsuit filed against him by Dogecoin investors who accused him of operating a pyramid scheme.

Elon Musk's Lawyers Seek Dismissal of $258 Billion Dogecoin Lawsuit

Elon Musk is now facing a $258 billion racketeering lawsuit filed by cryptocurrency investors who accused him of intentionally driving up the price of Dogecoin.

The plaintiffs in the US lawsuit claim that Mr. Musk's social media activity and his appearance on Saturday Night Live resulted in a surge of over 36,000% in the price of Dogecoin, which he then allowed to drop.

The complaint alleges that Mr. Musk leveraged his position as the world's wealthiest man to operate and manipulate the Dogecoin Pyramid Scheme.

On Friday, Mr. Musk's lawyers urged a US judge to dismiss the $258 billion fraud lawsuit, stating that humorous pictures and words of encouragement on Twitter do not constitute fraud.

 Dogecoin Price Chart - Source: Tradingview

Dogecoin Intraday Technical Levels

Support      Resistance

0.080134      0.107994

0.064237      0.119957

0.052274      0.135854

Pivot Point:  0.092097

Dogecoin – Technical Outlook

From a technical perspective, the DOGE/USD pair has surpassed a triple top resistance level at $0.1000, and a breakout from an ascending triangle pattern might propel DOGE towards the $0.1200 level.

Typically, a breakout from an ascending triangle pattern indicates a continuation of an upward trend. If DOGE continues to hold above $0.0850 level, Dogecoin's price could aim for the $0.120 level.

Conversely, support is present at the $0.0850 level, and a bearish breakout from this point may drive Dogecoin toward the $0.0718 mark.

For more market insights, visit LonghornFX.


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