DOGE Cryptocurrency and TSLA Stock Show Price Correlation
Charts indicate a strong correlation between Tesla (TSLA) stock and Dogecoin (DOGE) in 2025. Both assets, linked to Elon Musk, experienced a decline until mid-March.
However, yesterday saw a price surge:
TSLA shares jumped by approximately 12% (marked in orange).
DOGE/USD rose by over 6% (marked in blue).
Why Did Tesla (TSLA) Stock Rise?
Teslas price rally suggests a shift in market sentiment:
Musks political involvement is losing influence as a market driver.
Previously subdued demand, suppressed by negative news (as noted in our March 19 analysis), has now been unleashed.
Why Did Dogecoin (DOGE) Surge?
Dogecoin enthusiasts speculatebased on frequent rumoursthat Musk may integrate DOGE into X or support the launch of a Dogecoin ETF.
Additionally, Dogecoin Foundation announced the creation of the Official Dogecoin Reserve, aimed at long-term price stability and reliability. As part of this initiative, the foundation purchased 10 million DOGE, worth around $1.80 million.
Technical Analysis of DOGE and TSLA
Both assets exhibit:
Consolidation zones (highlighted in rectangles).
A bullish breakout from these zones, which occurred yesterday.
This suggests that bulls are attempting to break the downtrend that began in January 2025.
Read more: https://fxopen.com/blog/en/oa-doge-cryptocurrency-and-tsla-stock-show-price-correlation/
Text source: Forex Trading Blog
