FXOpen
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?
Tesla’s price rally suggests a shift in market sentiment:
→ Musk’s 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 speculate—based on frequent rumours—that 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.
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*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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