The Greatest Movers: DOGE Emerges After Elon Musk’s Meme Room Comments
Dogecoin was one of the only crypto tokens to trade higher on Saturday, as comments from Elon Musk sent prices soaring. Speaking in a Twitter space centered around FTX’s collapse, Musk was heard saying, “Doge on the moon.” Solana on the other hand extended its declines, dropping more than 15%.
Dogecoin (DOGE) was one of the only winners today as the token was boosted by comments from Tesla and Twitter CEO Elon Musk.
After a low of $0.0793 on Friday, DOGE/USD hit a high of $0.09399 earlier in today’s session.
This surge saw the token climb as high as 6%, surpassing a key resistance level of $0.08900.
DOGE/USD – Daily Chart
Speaking in a Twitter Spaces chat moderated by Mario Nawfal, Musk added: “I think so, don’t bet the farm on DOGE, but I’m working hard on DOGE.”
As can be seen from the chart, today’s spike helped push the 14-day Relative Strength Index (RSI) above a key high of 49.30.
Currently, the index sits at 50.87, with the next point of resistance visible at 53.00.
Solana (SOL), on the other hand, was trading significantly lower as prices for the token fell for a second session in a row.
After hitting a high of $18.68 earlier in Friday’s session, SOL/USD fell to a low of $14.92 to start the weekend.
Overall, the solana is now trading down almost 60% over the past seven days, with some expecting further declines to come.
SOL/USD – Daily Chart
Looking at the chart, the downtrend caused by a cross between the 10-day (red) and 25-day (blue) moving averages has extended.
On top of that, the RSI is trailing a level of 34.67, with a floor of 33.55 a likely target for the bears.
However, should the momentum take price strength below this point, many would likely expect SOL to fall towards a lower low of 23.30 on the index.
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Can Solana survive the fall of FTX? Let us know your thoughts in the comments.
Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.
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