Dogecoin (DOGE) made an impressive surge in April following Elon Musk's cryptic announcement where he changed Twitter's official blue bird logo to resemble DOGE's distinctive Shiba Inu dog symbol. This would not be the first time Musk has influenced the currency's value with a single tweet as he refers to himself as the Dogefather. His companies Tesla and SpaceX also accept DOGE as a payment option for their merchandise products.

The surge of 33% the currency has seen over the past two days brings the price of 1DOGE to its highest since December 2022. This increase in value comes in the midst of a $258 billion lawsuit against Musk for allegedly pumping Dogecoin prices and just weeks prior to an appearance on Saturday Night Live.

Dogecoin may be due for a short-term pullback after analyzing its technical factors. The currency is currently testing a strong selling area that could potentially reduce the price of Dogecoin to as low as $0.89 with a decisive close below $0.89 possibly leading to a further correction of 20%. Alternatively, independent analyst Crypto Kaleo believes that in the long-term, a breakout above a long-term downtrend line resistance could lead to a 125% surge and value of Dogecoin going up to $0.25.

Risk must always be taken into account with any investments or trading moves, and readers should conduct their own research before making any decisions. It is also important that any investment should be in line with an individual's risk tolerance and investment goals.



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