Dogecoin price could rise to new all-time highs as Elon Musk offers money to help the digital asset


  • Dogecoin price aims for new highs as Elon Musk says he will pay actual dollars to help it.
  • Musk stated that major Dogecoin holders must sell most of their coins to achieve more decentralization.
  • According to Musk, the only problem with Dogecoin is whales holding too much Dogecoin.

Yet again, Elon Musk has tweeted about Dogecoin in what seems to be quite positive for the community. Musk stated that he wants major Dogecoin holders to sell most of their coins in order for Dogecoin to get his full support. 

Elon Musk even said he would pay money for them to void their accounts. The tweet seems to imply that Musk is ready to support Dogecoin in the long-term, but only if it becomes more decentralized.

Dogecoin price ready for a 20% jump in the short-term

On the 6-hour chart, Dogecoin has established a descending wedge pattern which is on the verge of a breakout. The TD Sequential indicator has just presented a buy signal here as the price is right at the key resistance level of $0.0607.

doge price

DOGE/USD 6-hour chart

A breakout above this key point would quickly push Dogecoin price towards $0.073, a 20% move which is calculated by using the maximum height of the wedge pattern. Perhaps the recent announcement by Musk was initially not seen as good, but slowly investors have realized it is positive in the long-term.

doge price

DOGE new and active addresses

In the past week, the number of new addresses joining the network has decreased by 35% indicating that the hype in Dogecoin is fading away. Additionally, the number of active addresses also plummeted by 53%.

doge price

DOGE/USD daily chart

On the daily chart, the nearest key support level is located around $0.047 which is the 26-EMA and the 50% Fibonacci retracement level. Losing this point would drive Dogecoin price down to $0.035 at the 38.2% Fib level

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price looks south towards $0.0000060 as technicals favor SHIB bears

Amidst an underlying downbeat mood across the crypto market, Shiba Inu extends the bearish momentum into the third straight day on Sunday. The tide is seen turning in favor of SHIB bears once again, as well depicted by Shiba Inu’s daily technical graph, with the market licking its wounds from the China-led blow. Upside remains elusive with 61.8% Fib offering strong resistance.

More Shiba Inu news

Cardano price eyes a drop towards $1.85

Cardano price is once again on the slippery slope this Sunday, kicking off a new week on the wrong footing, as ADA bulls lack follow-through recovery momentum. ADA sellers target 100-DMA at $1.85 on a firm break below $2.

More Cardano News

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point as DOT awaits a range breakout

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance, 50-DMA guards the downside.

More Polkadot News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP