The price of Dogecoin has increased by 3% in the last 24 hours, reaching $0.089260 in the context of an increase of 8% for the entire cryptocurrency market. DOGE is also up 6.5% over the past 30 days, partly helped by Tesla- and Twitter-owner Elon Musk’s ongoing support of the coin.
After wearing a Dogecoin T-shirt at the Super Bowl, Musk has now sparked an online buzz by posting a photo of his Shiba Inu dog (the mascot of Dogecoin) on Twitter. However, considering that DOGE has gained less than other major coins over the past 24 hours, it is probably safe to say that the billionaire hasn’t bought any more Mem Coin.
Elon Musk posts picture of his dog on Twitter as Dogecoin price prediction – Is Elon buying more DOGE?
Indicators for DOGE suggest that altcoin may witness further upside. Its Relative Strength Index (purple) climbed from 40 a few days ago to around 60 today, its current levels implying it is not yet overbought and could enjoy more gains.
At the same time, the coin’s 30-day moving average (red) continues to climb above its 200-day (blue), and doesn’t seem to have peaked yet. And if DOGE can cross the $0.09 mark, it could see some sustained gains.
DOGE’s gains over the past 24 hours seem to have come from today’s market-wide rally, which has brought meme token along for the ride. That said, it also comes after Musk posted one of his more specific tweets, in which he made some vague allusions to Dogecoin without actually showing any real evidence that he has increased his holdings.
This tweet caused a very brief rally, which saw DOGE rise to the resistance level of $0.09, but it fell again while other coins continued to rise. As such, you could easily argue that Musk used this to pump up DOGE for a short period of time so that he could offload some of his holdings.
Musk has a long and illustrious history of tweeting and memeing about Dogecoin. In addition to yesterday’s tweet, he recently made an appearance at Super Bowl LVII wearing a Dogecoin T-shirt while sitting next to Fox Corp and News Corp owner Rupert Murdoch.
This little stunt caused a very brief mini-rally for DOGE, rising to $0.084 before falling again on Sunday. Yet what Dogecoin supporters are really rooting for is Twitter’s announcement that it is bringing cryptocurrency — and DOGE — payments to its platform.
A few weeks ago speculation was rife on whether such a scenario would be realized financial Times run an article reporting that the social network is ramping up its digital payments plans, and that it is applying for regulatory licenses across the US.
in light of Elon Musk’s long-standing championing of Dogecoin — as well as hinted last year that it might consider introducing the option to pay for Twitter subscriptions in DOGE This report also started a rally. And it continues to feed hopes that it is only a matter of time before DOGE attracts another major, Elon Musk-owned adopter after Tesla begins to launch DOGE payments for some goods in 2021.
Assuming that Twitter ends the integration with Dogecoin, there is no doubt that DOGE will soar, perhaps reaching $1 and above. However, in a world where this does not happen, a realistic target for 2023 would be closer to $0.13, as suggested by A recent report from crypto-exchange Changelly,
This would result in a gain of around 45% on the current price of DOGE, which would be a feat in the context of a market that is still recovering.
Is Now a Good Time to Buy Dogecoin?
Assuming that the market is going to continue its upward trajectory, now would be a good time to buy DOGE. That said, there are other high-potential crypto projects that are worth investing in with Meme Token. Accordingly, we review the top 15 cryptocurrencies for 2023, as analyzed by crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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