Musk’s New Post Cheered the Dogecoin Bulls

On Monday morning,Dogecoin stood at $0.35 per coin, a 24-hour increase of 15%, the highest since June 12.

Tesla CEO Elon Musk reposted the US technology billionaire on social media over the weekend. Dallas Mavericks owner Mark Cuban called Dogecoin “the strongest trading medium” in an interview a few days ago. Remarks and expressed agreement with this view.

Mark Cuban touted the cryptocurrency in an interview last Friday, noting that Dogecoin “is a medium that can be used to obtain goods and services. When it is used as a medium of exchange, Dogecoin is the most powerful.”

Mark Cuban’s Dallas Mavericks team started accepting Dogecoin in March of this year. Since then, the tech tycoon has revealed that Dogecoin sales have been “remarkable.” He even suggested that the famous talk show host Alan DeGeneres accept it in her store.

In fact, the prices of cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin have rebounded from the mid-year decline in recent weeks and returned to high levels not seen in months.

According to data compiled by cryptocurrency data provider Coin Metrics, Amazon issued an announcement to recruit digital currency and blockchain experts, which caused a sensation. Before and after that, on major exchanges such as Binance, Kraken, Coinbase Global, and Gemini Trust, the spot trading volume of cryptocurrencies including Bitcoin and Ethereum has risen sharply.

Last Friday, the US Commodity Futures Trading Commission (CFTC) report showed that although leveraged funds, including hedge funds, continue to be short on Bitcoin, the net short position of Bitcoin futures has reached the lowest level since mid-May.

JPMorgan Chase pointed out that CTA (Commodity Trading Advisor) traders were forced to exit short positions in Bitcoin and Ethereum and began to build long positions. Clear signs of improvement in demand in the futures market indicate that institutional demand for cryptocurrencies is rising.

Nick Panagirtzoglou,a strategist at JPMorgan Chase, was previously bearish on Bitcoin, but on Friday, the analyst finally admitted that his bearish view was wrong and that there were“clear signs of rising institutional demand”, pushing Bitcoin and Ether to 3 month high.

Technical Analysis

Golds

The price of gold in its sky chart rebounds after plunging to the surrounding low point ahead and bears the resistance in 1780.We therefore still keep it as bearish and need to pay heeds to two points: the lower support of 1760 and upper resistance mark 1800 as Gold may rise to the neighboring area of 1760.As for operation,it is recommended to sell short near 1800.Radical and bold investors can sell short at current price with the first target point at 1769 and short-term extreme target at 1680.

Crude Oil

The analysis of crude oil tendency in the market outlook has been put in the last article.The operation remains the same.Investors can take the last article as reference.

DX

From the sky chart,the U.S Dollar Index remains the same trend as we shown in the last article.Investors can continue to keep it as bearish to 90 low points and it is recommended to continue to sell limit in terms of operation.

BTC

BTC keeps rising all the way.In short term,last downward has finished and following price may rise to near Fibonacci Extension of 51,000,a crucial point located at the rebounding point of 0.618.As 51,000 bears strong resistance,BTC is more likely to test this point.If the price breaks above,investors can continue to stay it bullish.In operation, it is advised to make long buying around 46,000,remain it bullish until it rise to 51,000 and sell what you held before at 51,000.53,000 would be an appropriate point to stop loss.If the further price fails to breaks up 53,000,investors can keep it bearish until the price goes down to 44,000 with extreme target bottom at37,000

Doge

In the 4-hour chart,it is obvious that dogecoin has been in an uptrend:It climbs over double after plunging to the bottom.Now influenced by bull news as we said in the fundamental analysis above,it skyrockets and may continue to rise to neighboring upper line.What’s more,it is more likely to break above in the following market with effective resistance at 0.38.As for operation,it is advised to keep it as bullish,make long buying at 0.32 and wait Dogecoin to rise to 0.35 , 0.38.

  • Above is merely personal opinion for reference only

Author Profile:

Doctor Page,guest commentator of Fish.Pro,creator of Time-Space Psychological Trading Method,has 8-year rich experience in investment with unique trading knowledge and strategies. Focusing on dynamic changes of global financial market,Doctor Page is proficient at technical analysis on multi-national policies of central banks as well as basic economic environment and is highly sensitive to both short-term and mid-line markets with a favor on trade models featured by small costs ,hefty returns and high chance for success.

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