Elon Musk’s and Dogecoin Price Expectations

One of the biggest factors in this rise could be Elon Musk‘s recent tweet. Elon Musk announced in his post that he wants to serve DOGE. This is expected to lead to an increase in DOGE’s price. The Moving Average Convergence Divergence (MACD) further supports this potential bullish momentum. The indicator shows an increase in overall bullish momentum. This process indicates that market sentiment is starting to shift upwards and there is potential for a recovery in Dogecoin’s price.

Expectation

Dogecoin‘s price is approaching a breakout from a bullish descending wedge pattern, trading at $0.1059. The formation suggests a 90% increase ahead for the memecoin, with a target of $0.20. The aforementioned factors indicate that this rally may take some time as the breakout has not yet been confirmed.

This will happen by turning $0.1168 into support to enable a rise to $0.1286. Still, there is a possibility that this breakout could fail, as it did in mid-July. This could lead to Dogecoin’s price dropping to $0.10 or lower, invalidating the bullish thesis and causing the pattern to fail.

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