DOGE Soars to an 11-Week High As Elon Musk Resumes Public Dogecoin Interactions

TL;DR

Dogecoin (DOGE) has experienced a significant price increase over the past 24 hours, potentially influenced by Elon Musk's recent comments during a public event. However, analysts caution that DOGE may be overbought, suggesting a potential pullback.

DOGE on the Rise

DOGE has emerged as the top-performing cryptocurrency within the top 20 today (October 18), with a 9% price increase surpassing $0.13. This valuation marks its highest point since the end of July.

Elon Musk's Influence

The price surge is attributed to comments made by Elon Musk during a recent speech in Pennsylvania. When asked if he would lead a potential government division under a Donald Trump administration, Musk responded with "Yeah, DOGE," eliciting applause from the audience.

Musk has consistently supported DOGE over the years, occasionally praising its merits. He has even referred to himself as the "DOGEFATHER."

Potential Future Gains?

Analysts have taken note of DOGE's recent revival. One user, Dylan, predicted a potential surge in other altcoins following DOGE's pump.

Cautionary Indicators

Despite the bullish sentiment, the Relative Strength Index (RSI) suggests that DOGE may be overbought and due for a pullback. RSI readings above 70 typically indicate such conditions.

Note:

The post DOGE Soars to an 11-Week High As Elon Musk Resumes Public Dogecoin Interactions appeared first on CryptoPotato.