Elon Musk Blows Dogecoin Up 27%, Renews Support For Cryptocurrency By Investing.com

Investing.com – The broader cryptocurrency market plunged on Saturday, with Bitcoin dipping below $18,000, but Sunday then saw a very strong rebound as Bitcoin is attempting to climb back above $18,000. above $20,000 on Monday morning.

But that’s nothing compared to the , which rebounded 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 once again benefited from the support of Elon Musk, in addition to the general rebound of cryptocurrencies.

The boss of Tesla (NASDAQ:) indeed tweeted on Sunday morning “I will continue to support Dogecoin”.

Note 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 .

Following this tweet, a Twitter user (NYSE:) replied “keep buying in this case”, to which Musk replied that he is doing so:

Note that Musk’s supportive impact on Dogecoin has been such that some observers believe it 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 significant resistance zone to consider on Dogecoin. On the downside, the first key support is the psychological threshold of $0.0500.

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