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  • Dogecoin price has been trading inside a descending triangle pattern on the 1-hour chart.
  • The digital asset had another significant pump in the past 24 hours thanks to Elon Musk.
  • The CEO of Tesla tweeted that he bought Dogecoin for his son.

Dogecoin price has done it again, surging by 20% thanks to another tweet by Elon Musk endorsing the digital asset. Musk said that he bought some Dogecoin for ‘lil X’ so he can be a ‘toddler hodler’. Of course, this had a positive effect in Dogecoin price which reached a market valuation of over $10 billion.

Dogecoin price on the verge of another massive breakout thanks to Elon Musk

On the 1-hour chart, Dogecoin has established a descending triangle pattern and seems to be poised for a breakout in the short-term. Cracking the resistance level at $0.076 would lead Dogecoin price to a new high at $0.094, close to the psychological level of $0.1.

doge price

DOGE/USD 1-hour chart

The interest in Dogecoin seems to be increasing significantly despite the digital asset hitting new all-time highs. The number of new addresses joining the network has increased by 51% in the past week.

doge price

DOGE new addresses chart

Funnily enough, the founder of Dogecoin, Billy Markus, stated that he can’t make sense of the surge in the coin that started as a joke adding:

The idea of dogecoin being worth 8 cents is the same as GameStop being worth $325, it doesn’t make sense.