Benzinga - Amid a surge in the price of Dogecoin (CRYPTO: DOGE), a pseudonymous crypto analyst, known has predicted an imminent "meme [coin] pump upcoming."
What Happened: Crypto Tony, who commands an audience of 323,000 followers on Twitter, shared his insights with his followers, stating, “$0.075 is the level we need to close above on the daily timeframe. This is looking strong despite the market drop today.”
At the time of writing, Dogecoin was outperforming other popular meme cryptocurrencies like Shiba Inu (CRYPTO: SHIB) and Pepe Coin (CRYPTO: PEPE) which were down 2% and 10%, respectively, in the last 24 hours.
Tony’s observation suggests a critical threshold that, if surpassed, could indicate a bullish trend for Dogecoin. "I have a feeling that DOGE puts in an absolute god candle soon. Chart is looking very constructive and bullish."
A “god candle” refers to a powerful and dramatic increase in the price of the cryptocurrency, often characterized by a large bullish candlestick on a price chart.
$DOGE / $USD – Update0.075 is the level we need to close above on the daily timeframe. This is looking strong despite the market drop today. Could we be seeing a Meme pump upcoming pic.twitter.com/5MWtMaMP88
— Crypto Tony (@CryptoTony__) July 24, 2023
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Why It Matters: Elon Musk revamped Twitter’s logo on Monday, replacing the blue bird with the letter “X.” However, this change was not the only alteration Musk made to his Twitter profile. He prominently displayed the Dogecoin symbol in his updated bio, further solidifying his support for the popular meme-inspired digital currency.
Price Action: At the time of writing, DOGE was trading at $0.077, up 5.39% in the last 24 hours, according to Benzinga Pro.
Read Next: Dogecoin Spikes, Bitcoin, Ethereum Drop While Vitalik Buterin Raises Concerns Around WorldCoin: Analyst Predicts $100K Mark For King Crypto After 50% Drop
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