Elon Musk blows up Dogecoin by 27%, renews his support for cryptocurrency

Elon Musk blows up Dogecoin by 27%, renews his support for cryptocurrency

Investing.com – The entire cryptocurrency market plunged on Saturday, with Bitcoin falling below $18,000, but Sunday was then the occasion for a very strong rebound, so much so that Bitcoin is trying to go back above $ 20,000 this Monday morning.

But that's nothing compared to Dogecoin, which bounced nearly 28% from a low of $0.0492 on Saturday night to a high of $0.0628 on Sunday night.

And if Dogecoin has rebounded so strongly, it is because it has benefited, once again, from the support of Elon Musk, in addition to the generalized rebound of cryptocurrencies.

The boss of Tesla (NASDAQ:TSLA) tweeted Sunday morning "I will continue to support Dogecoin".

It should be noted that this statement comes a few days after a complaint was filed against Elon Musk by an investor accusing him of manipulating the price of Dogecoin, and claiming $ 258 billion.

Following this tweet, a Twitter user (NYSE:TWTR) replied "keep buying in this case," to which Musk replied that he does:

Note that Musk's support impact on Dogecoin has been such that some observers have felt that it has also played a role in Bitcoin's rebound.

From a graphical point of view, it should be noted that yesterday's peak at $0.0628 and the June 15 peak at $0.0638 form the first important resistance zone to take into account on Dogecoin. On the downside, the first key support is the psychological threshold of $ 0.0500.

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