Dogecoin price experienced another selloff this week after Elon Musk announced that he would be resigning as CEO of Twitter as soon as a suitable replacement was found.
Musk has been leading the social media company since October and at the time of his announcement, the price of Dogecoin increased by more than 178% and reached a high of $0.1596. DOGE is now trading around $0.074 and here is where it is headed.
Elon Musk to Leave Twitter as CEO, Is Dogecoin Price Doomed?
Dogecoin’s price has become more sensitive to Musk’s tweets and comments in recent years. After announcing that he would be acquiring Twitter, Musk indicated that DOGE would be integrated into the platform, which was welcomed by the Dogecoin community. However, Twitter later announced that it was delaying the addition of cryptocurrency payments. Despite this, Dogecoin is closely linked to Musk, who is a fan of the meme-based token.
Since taking the top position at Twitter, Musk has been accused of neglecting his role at Tesla, the world’s leading electric vehicle (EV) maker, where he is also the CEO. Tesla’s stock has taken a hit recently, making Musk the richest man in the world.
The business mogul says he wants to focus on leading the software and server teams once a replacement is found for him as CEO.
Dogecoin Price Holds Strongly At Support As Recovery Looms
Dogecoin price is trading at $0.0741 after respected support at $0.0702. The analyst predicts that the Mayhem coin may decline to test the lower price level at $0.0573 if it confirms the break below $0.0702.
However, the bullish momentum is slowly building, possibly bolstered by a buy signal coming from the Moving Average Convergence Divergence (MACD) indicator. Traders may want to enter their long positions following a clear divergence above the MACD (blue colored line) signal line (in red).
Investors should tread carefully, remembering that market conditions are still bad after the FTX collapse. The global economy is still reeling over ballooning inflation amid a possible fresh outbreak of the COVID-19 virus.
Therefore, Dogecoin should make a clean break above all major moving averages including the 50-day exponential moving average (EMA) (in red) and the 100-day EMA (in blue) as at $0.0839, $0.0874 currently seen on. The 200-day EMA (in purple) at $0.884. DOGE will need to trade above two consecutive falling trend lines (dotted and continuous lines) in order to move towards $0.1000.
DOGE whales are buying the dip
As the price of Dogecoin struggles to find direction, holders of large amounts seem to be digging into their pockets to fill their bags. On-chain data from Sentiment shows that addresses holding 100,000 to 1,000,000 coins now account for 6% of the network’s total supply – the most in six months.
Means more use of meme coin Investors Are Watching the Long-Term Bullish Outlook for Dogecoin Price, If demand for DOGE continues to grow, its price could soon begin to gain momentum for a rally – meaning that Musk’s exit from Twitter as CEO won’t leave it in jeopardy.
Dogecoin Alternatives Offer Instant Returns
The future of Dogecoin’s price is heavily tied to Elon Musk’s comments and tweets, which can make portfolio management difficult. Investors looking for a fresh spin to their portfolio may be interested in New Cryptocurrency Projects With the Potential to Rally, Selected tokens listed here are moving towards their first exchange listings, some of which are scheduled for January 2022.
FightOut (FGHT): Transforming the Fitness Industry
FightOut is a new crypto project that redefines the fitness lifestyle with Web3 solutions. It’s a Move-to-Earn (M2E) app with gym chains that transform the fitness lifestyle. Users in the ecosystem are rewarded for completing predetermined workouts and challenges while earning badges and growing within the dynamic community.
A tokenized economy will help drive the ecosystem where users earn FGHT tokens for completing M2E tasks. As FightOut is coming to revolutionize the fitness economy with Web3 solutions, users can create accounts and create their own digital NFT avatars to use in the Metaverse.
The FightOut presale is selling out fast, with $2.28 million raised in just a few weeks. 1 USDT buys 60 FGHT tokens, but the price is likely to increase in the next presale phase.
Dash 2 Trade (D2T)
Dash 2 Trade is a cryptocurrency platform changing the way people view and manage their crypto portfolios. The platform provides users with access to world-class crypto analytics and social trading tools.
Dash 2 Trade has a range of features and services that traders can explore as they navigate the dynamic cryptocurrency market. In addition to timely trading signals, Dash 2 Trade provides social sentiment and on-chain analysis to easily identify trending coins.
Dash 2 Trade presale raises $10.41 million and is in the final stages. D2T is selling at $0.0533 ahead of its first exchange listing on Jan 11.
C+ charge (CCHg)
It is a new peer-to-peer (P2P) payment system for EV charging stations developed by C+Charge using blockchain technology. The EV sector is further complicated by the lack of industry standards for charging. However, with C+Charge, most of the problems have been solved by using a dynamic token, CCHG.
In addition to providing access to carbon credits, the CCHG token will be used by drivers to pay for EV charging services. Operators of charging stations will also receive payment through the same token.
C+Charge is conducting a pre-sale where 0.013 USDT buys 1 CCHG. The price will rise to 0.0165 USDT in the next pre-sale phase.
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