{"id":14452,"date":"2022-11-12T15:00:28","date_gmt":"2022-11-12T15:00:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/doge-surges-following-elon-musk-comments-on-the-meme-coin-market-updates-bitcoin-news\/"},"modified":"2022-11-12T15:00:28","modified_gmt":"2022-11-12T15:00:28","slug":"doge-surges-following-elon-musk-comments-on-the-meme-coin-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/doge-surges-following-elon-musk-comments-on-the-meme-coin-market-updates-bitcoin-news\/","title":{"rendered":"DOGE Surges Following Elon Musk Comments on the Meme Coin \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Dogecoin was one of the only crypto tokens to trade higher on Saturday, as comments from Elon Musk boosted prices. Speaking in a Twitter Spaces centered around the FTX collapse, Musk was heard saying: \u201cDoge to the moon.\u201d Solana on the other hand extended its declines, falling by over 15%. <\/strong><\/p>\n

Dogecoin (DOGE)<\/h2>\n

Dogecoin (DOGE) was one of today\u2019s only gainers, as the token was boosted by comments from Tesla and Twitter CEO Elon Musk.<\/p>\n

Following a low of $0.0793 on Friday, DOGE\/USD rose to a peak of $0.09399 earlier in today\u2019s session.<\/p>\n

This surge saw the token climb by as much as 6%, breaking out of a key resistance level of $0.08900 in the process.<\/p>\n

\"Biggest
DOGE\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Speaking in a Twitter Spaces conversation hosted by Mario Nawfal, Musk added, \u201cI think so, don\u2019t bet the farm on DOGE, but I\u2019m working hard on the DOGE.\u201d<\/p>\n

As can be seen from the chart, today\u2019s spike has helped push the relative strength index (RSI) of 14 days above a key ceiling of 49.30.<\/p>\n

Currently, the index is tracking at 50.87, with the next visible point of resistance at the 53.00 mark.<\/p>\n

Solana (SOL)<\/h2>\n

Solana (SOL) on the other hand was trading significantly lower, as prices of the token dropped for a second straight session.<\/p>\n

After climbing to a high of $18.68 earlier in Friday\u2019s session, SOL\/USD sank to a bottom of $14.92 to start the weekend.<\/p>\n

Overall, solana is now trading by nearly 60% lower in the past seven days, with some expecting further upcoming declines.<\/p>\n

\"Biggest
SOL\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, the downward trend caused by a crossover between the 10-day (red), and 25-day (blue) moving averages has extended.<\/p>\n

In addition to this, the RSI is tracking at a level of 34.67, with a floor of 33.55 a likely target for bears.<\/p>\n

However, should momentum take price strength below this point, many will likely expect SOL to fall towards a weaker floor of 23.30 on the index.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Can solana survive the downfall of FTX? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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