Dogecoin Pushes for a Profitable March, with the Help of Elon Musk’s Tweets

Elon Musk & Doge

The CEO of EV king Telsa, is known for being vocal on social media around Cryprocurrencies and Doge in particular, often helping its price. Over the weekend he had tweeted that "Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy. What should be done?" [1]

Mr Musk has nearly 80 million followers on the platform and some of them suggested that he should just buy Twitter. One of them asked him if he would consider building a new social media platform, to which Mr Musk replied that he is "giving serious thought to this". [2]

Another user suggested that if the Tesla CEO did either of that, there would be a Dogecoin tip jar, something that Mr Musk seemed to like, based on his reply. [3]

Earlier in the month DOGE/USD had spiked after Mr Musk tweeted that "I still own & won't sell my Bitcoin, Ethereum or Doge fwiw". [4]

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Tesla had accepted Dogecoin as a form of payment for brand merchandise earlier in the year, as per its CEO's tweet. [5]

DOGE/USD Analysis

The cryptocurrency had a three-month losing streak, but heads towards a profitable March, running its third straight positive week. This has brought last month's high in the spotlight (0.1740), but it may be early for such a move.

Despite its recent advance, the recovery is limited so far, since it is contained by the 38.2% Fibonacci of the 2022 High/Low slide. Below this level it remains in a precarious position and could be pressured back towards 0.1251, although a new 2002 low (1.1055) may not be easy for now.

Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.



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