The price of Dogecoin (DOGE) took advantage of a positive evolution of 3.5% in the last 24 hours, which corresponds to a better performance than the Bitcoin (BTC) and theEther (ETH). The latter have not really progressed upwards or downwards over the same period.
The largest memecoin in the crypto ecosystem by market capitalization is now showing a price just above the threshold of $0.07.
Additionally, it is observed that Dogecoin has found a fixed support zone in the vicinity of $0.066 and $0.067, which correspond to its 21- and 50-day moving averages respectively. However, it is also seen that the next level of resistance is currently positioned at the control point of $0.072.
Note that the Dogecoin recorded a slight increase during the day due to the fact thatElon Muskwho is, as a reminder, the director of You’re here, SpaceX and of Twitter, posted a message on social networks where he expresses a positive feeling about the DOGE. This phenomenon highlights the power of influence of the American billionaire on the entire crypto landscape.
Within minutes, DOGE price enjoyed a bullish rally of just over 5% before releasing some of his winnings.
Savvy investors keep in mind that Elon Musk has been a vocal supporter of Dogecoin for several years now, stating that he owns a large majority of the total supply tokens in circulation and that a possible integration of DOGE on Twitter as a means of payment cannot be ruled out.
This is the second time in a matter of days that Elon Musk has hinted at Dogecoin on Twitter. THE July 17, Musk responded to a tweet asking if people prefer dogs or cats with the word “doges.” This comment also triggered a short-term rise in the price of DOGE.
Elon Musk: a less and less powerful influence on the crypto ecosystem?
Of course, a number of traders are always rushing to get into Dogecoin as soon as the minute this crypto-asset is mentioned by the American billionaire on social networks.
Nevertheless, Elon Musk’s latest references to Dogecoin have not had the same power to influence the price of the most important memecoin in the crypto ecosystem as they have in the past.
Indeed, in comparison with last week’s bullish top located at $0.075the price of Dogecoin recorded an increase of only 5%which is far from exceptional for a market as volatile as the cryptocurrency market.
If the American billionaire doesn’t make a new statement specifically about a possible integration of Dogecoin as a means of payment on Twitterthen it is very likely that Elon Musk is no longer really able to generate bullish movements as powerful as in the past.
Price Predictions for DOGE: What Future for Dogecoin?
The Dogecoin is moving higher, however this advance is within the limits of a bullish trend channel oriented on a short-term horizon.
Nonetheless, if the cryptocurrency continues its momentum, it will soon encounter key long-term resistance at the top of the chart. $0.07in the form of a downtrend from the all-time high of 2021 and the 200-day moving average.
In conclusion, long-term predictions for Dogecoin definitely remain bearishwith new low points in forecast for the year 2023, unless the various control points mentioned above are crossed.
Alternatives to Dogecoin with high growth potential
In the crypto sector, investors have every interest in ensuring that they are constantly on the lookout for new opportunities that arise. This is particularly so as to diversify their investment portfolios and their exposures as much as possible.
One of the strategies that displays both the most risk and the most potential return is based on the pre-sale campaign system. Thanks to the latter, investors are able to position themselves on a project before it is completely finished, in order to finance its development.
These tokens are very often sold at a relatively low price during the pre-sale phases and often benefit from exponential gains for investors who position themselves quickly.
If you are interested in pre-sale campaigns, do not hesitate to consult our latest articles on this subject:
Disclaimer: The “Industry Talk” section presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.