Elon Musk, the owner of the X social media platform, has triggered the Dogecoin community, who now believes a major announcement is around the corner.

Read more on: https://thecryptobasic.com/2024/02/05/elon-musk-sparks-fresh-wave-of-dogecoin-speculation-with-this-move/
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  #Dogecoin-DOGE Price Prediction as DOGE Drops Below $0.07 – Time to Buy the Dip?

The Dogecoin price has had an up and down morning, falling to $0.068998 as the wider market also suffers a small dip.
This latter price represents a 1.5% loss in 24 hours, although the meme token is still posting a 15% return in a fortnight.
But with DOGE falling by 42% in the last 12 months, the altcoin remains oversold and undervalued.
This means it remains a good time to buy the dip, with DOGE set to rally again if the market continues its upwards trajectory in the next few weeks.
Dogecoin Price Prediction as DOGE Drops Below $0.07 – Time to Buy the Dip?
Dogecoin may have dipped today, but its indicators still suggest that it could enjoy additional rises in the very near future.

Source: TradingView
The meme token’s 30-day average (yellow) is rising strongly towards its 200-day (blue), a move which can often signal an imminent breakout rally.
At the same time, its RSI (purple) remains high at just under 70, which also suggests strong buying momentum.
It’s also encouraging to see that DOGE’s support level (green) has risen steadily over the past few days.
This implies that, even if the token does fall again, it’s not likely to drop very far.
Another positive sign is that DOGE’s 24-hour trading volume remains elevated compared to where it was in September, at around $500 million.
This indicates that interest remains strong, with data showing that whales have made some big purchases recently.

Based on all of this, DOGE could return to $0.080 in the next few days, before hitting $0.90 in December.
Such movements will largely depend on investor sentiment, with positive Bitcoin ETF news recently buoying the entire cryptocurrency market.
However, if bad (or no) news emerges, DOGE is likely to fall harder than many other major tokens.
Part of the reason for this is that DOGE’s fundamentals remain very weak, with the token’s community still resting its hopes on whether X (formerly Twitter) will introduce Dogecoin payments in the not-too distant future.

 
And while X is certainly planning to introduce payments in some form, it has given no indication that such payments will include crypto, let alone Dogecoin.
As such, traders shouldn’t be surprised if DOGE begins falling again in the event of a sideways market, with the coin potentially sticking to the $0.070 level for several weeks.