After Elon fulfilled the wish of many dogecoin supporters to change the Twitter logo to Shiba Inu doge, Dogecoin experienced a jolted 30% spike.
Dogecoin price prediction has seen a jump of over 30% in a single hour when the new Twitter CEO Elon Musk changed the Twitter bird logo with Doge's Shiba Inu.
Musk and a Twitter user under the name WSBChairman has previously engaged in a Twitter chat in which they have discussed buying Twitter (As Elon did) and changing the Bird logo with Doge.
The blue bird emblem used to be in the top left of Twitter's web browser, but it was replaced overnight with a cartoon of "Shiba Inu," the face of the Doge meme.
Previously, as per expert's Dogecoin price predictions, the Doge prices were stagnant and didn't even surf the recent bull run. But, Musk had other plans.
At the time of writing, the price of Dogecoin is $0.099135, with a 24-hour trading volume of $4,64,52,79,891. Dogecoin has increased by 25.76% in the last 24 hours. Doge's current market capitalization is $13,75,96,53,629.
On a daily chart, Dogecoin (DOGE) has seen a significant price increase, rising by more than 25% in response to Elon Musk's endorsement of the cryptocurrency.
DOGE has reached a five-month high as a result of this, breaking the ascending triangle pattern that had been in place since November 2022. While this is a positive sign for the cryptocurrency, there are some concerns about its current price levels.
The Relative Strength Index (RSI) is currently above 70, indicating an overbought market. According to Dogecoin predictions, this suggests that there may be a correction in the near future, with a 70% chance of a downtrend from these levels.
Moreover, the Moving Average Convergence Divergence (MACD) indicator is looking stronger which confirms the bullish trend for DOGE. This could imply that, while a short-term correction is likely, the cryptocurrency's long-term outlook remains positive.
The price of Dogecoin is receiving mixed sentiments. On the one hand, the cryptocurrency has a history of instilling fear, uncertainty, and doubt (FUD) in investors whenever its value rises significantly.
This was evident during the SNL event in 2021, which generated so much hype that Doge reached an all-time high of $0.7 per token.
However, the current hype surrounding Dogecoin is causing a buying frenzy among investors, with many experiencing FOMO (fear of missing out) and viewing the overall sentiment as a "Buy" signal.
Although the oscillators are currently in a neutral position, the technical indicators support this viewpoint.
Despite this buying frenzy, the market's fear and greed index (CFGI) is currently at 29, indicating extreme fear. This could imply that some investors are hesitant to buy into the hype and are instead waiting for more market clarity before making any significant investment decisions.
Overall, Dogecoin is certainly going through a bull market as driven by social sentiment and Elon Musk's Tweet. As per dogecoin price predictions, as soon as the effect of Musk's Tweet fades, the prices will come down instantly.
Disclaimer: The above information is the sole opinion of the Author and should not be considered as an investment idea. DYOR before investing in any Digital Asset.