Dogecoin Price Prediction – Can Elon Send DOGE to $1?

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Dogecoin Price Prediction – Can Elon Send DOGE to $1?

Dogecoin (DOGE) is within the information once more after Elon Musk on Wednesday reaffirmed his bid to purchase Twitter, and DOGE supporters now hope that their favourite meme coin will get the publicity they imagine it deserves on account of the deal.

As at all times when it comes to dogecoin, the notorious $1 worth goal turns into a subject, even if dogecoin has by no means reached that degree. At its peak in May of 2021, DOGE reached as excessive as $0.74, earlier than it entered a bear market that has now introduced all of it the way in which down to $0.06 – a decline of greater than 90%.

DOGE weekly chart. Source: TradingView.com

From a shorter-term technical evaluation, DOGE now seems poised for additional upside after robust bullish motion introduced the value via the $0.063 resistance space on Tuesday this week. Worth noting can be that the value seems to have discovered assist to the draw back round $0.050 and $0.057, with these two ranges now key if DOGE is to keep away from additional losses.

Also pointing in a bullish path proper now’s the truth that DOGE has damaged above each the 20 and 50-day shifting common traces. These shifting averages are each thought of vital ranges to look ahead to medium-term merchants.

DOGE each day chart. Source: TradingView.com

Dogecoin got here into focus once more on Tuesday this week when Tesla chief Elon Musk revealed in an SEC submitting that he nonetheless desires to purchase Twitter on the initially agreed upon worth. The affirmation from Musk was shocking provided that he has beforehand indicated an absence of curiosity in pursuing the deal, whereas accusing Twitter of giving out deceptive details about bot accounts on the platform, amongst different issues.

Dogecoin has on a number of events previously been promoted by Elon Musk on Twitter, and the value has tended to spike every time Musk has talked about it.

When Musk’s unique bid to purchase Twitter was first revealed again in April this 12 months, DOGE instantly spiked up by round 6% earlier than later giving again a few of its beneficial properties. Similarly, the DOGE worth fell by round 5% throughout the first quarter-hour after Musk in May put the Twitter deal on maintain.

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