Is Dogecoin (DOGE) Set to Climb Higher Once Again?

Looks like the Dogecoin frenzy is far from over, despite Tesla CEO Elon Musk going on SNL and calling it a “hustle” over the weekend, which sent its prices crashing. There’s renewed interest building up in this memecoin, this time again owing to Musk.

A short while back, Musk took to Twitter to conduct a poll to find out whether his company Tesla should start accepting payments in DOGE, with the poll garnering nearly a million responses already. Unsurprisingly, the overwhelming majority of respondents said yes to his query, although it remains to be seen whether Musk will take this seriously and consider implementing this change.

Cryptocurrencies, especially Bitcoin and Dogecoin have received considerable interest from Musk lately, driving more retail investors towards these digital tokens. Earlier in the day, in addition to the poll on DOGE as a possible payment method, Musk also announced that Tesla would start accepting payments in BTC without converting them into fiat.

Meanwhile, another interesting development in the world of Dogecoin surrounds a senior executive at Goldman Sachs. The head of emerging markets and managing director Aziz McMahon has resigned from his position after earning millions of dollars in profits from his trades in this altcoin.

Key Levels to Watch

At the time of writing, DOGE/USD is trading at around $0.51. For now, DOGE/USD is exhibiting signs of choppy trading but technical indicators MACD and Momentum reveal a bearish bias on the 4-hour price chart.

Dogecoin price finds support at $0.42 while the next immediate resistance is holding at $0.56. In case buying pressure builds up on the back of these latest developments, we could see the price breaking out beyond this level and testing $0.70 in the near-term.