The surge lasted for two minutes and was followed by a slow retracement back toward the crypto's 24-hour opening price by midafternoon.
On Jan. 13, Tesla began accepting Dogecoin in exchange for some of its merchandise. At that time the Tesla Cyberwhistle was listed for sale for 300 DOGE but due to the heavy depreciation of the crypto’s value, Tesla last had the whistle priced at 645 DOGE and the item is now sold out.
Dogecoin has plunged about 53% since then, to trade near the 8-cent mark, in a fairly consistent downtrend. The Musk-induced spike higher on Friday negated that trend, although the bulls have more to prove if an uptrend is about to begin.
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The Dogecoin Chart: Dogecoin negated the downtrend by rising up above the most recent lower high, which was printed on May 23 at $0.0884. When the crypto spiked upwards, Dogecoin attempted to regain support at the 21-day exponential moving average (EMA) but rejected just below the level, which caused Dogecoin to fall back below the eight-day EMA.
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