Dogecoin (DOGE) has recently experienced a surge in price, leaving many investors upbeat. But just as quickly as it rose, the future of Dogecoin is being challenged by a looming danger that could cause its value to plummet.

According to Coingecko, the price of DOGE currently stands at $0.093031, marking a 3.0% increase in the past 24 hours and an impressive 11.6% surge over the last 7 days.

Can Dogecoin’s price sustain its recent surge, or will the looming obstacle keep this beloved meme coin at bay?

Increasing Volatility Could Cause Sharp Downturn In Dogecoin Price 

Dogecoin’s price over the past 24 hours on TradingView reveals a bullish trend, characterized by higher highs and higher lows formation, with the support level expected to hold firm around $0.08830. 

Despite the moving average being below the current price at $0.0859, buying pressure continues to be present in the market. However, there are indications that the volatility is increasing, potentially leading to a slump in price in the coming days. 

Moreover, the relative strength index (RSI) score of 60.93 highlights the current price to be in the overbought territory. As a result, there is a risk that Dogecoin’s price may experience a sharp downturn.

Analysts Warn Of Potential Correction In DOGE Price

As Dogecoin’s price continues to climb, investors and enthusiasts alike are curious about the future of this cryptocurrency. Based on the information gleaned from the price chart analysis, it seems that the crypto’s price may face some uncertainty in the coming days. 

The increasing volatility and overbought RSI score are signs that the current price levels may not be sustainable, and a sharp downturn could be on the horizon.

While it’s challenging to predict the exact price that Dogecoin will reach, analysts believe that the potential for a correction is likely. The resistance level for the cryptocurrency is at $0.0968, which could act as a barrier preventing the price from increasing any further. On the other hand, the support level at $0.08830 could prevent the price from dropping too low.

It’s essential to note that cryptocurrency markets are notoriously unpredictable, and price fluctuations can happen at any time. Therefore, it’s crucial to approach investments in cryptocurrencies with caution and not to invest more than one can afford to lose.

#Binance #crypto2023 #BTC #DOGE #elonMusk

The price of Dogecoin (DOGE) has dropped by around 10% over the previous twenty-four hours, which is in line with a more widespread sell-off that has been observed across the cryptocurrency market. Dogecoin (DOGE) is up strongly on Wednesday.
Frenzied trading circumstances have been sparked as a result of concerns that the United States Securities and Exchange Commission (SEC) could not approve spot Bitcoin exchange-traded funds (ETFs) in the very near future. Yahoo reports that spot trading volumes for Dogecoin have reached their greatest level since the 11th of December, with a total of about one billion dollars being traded across various exchanges so far on Wednesday.
The price of Dogecoin began the day higher than $0.09, and it fell as low as the $0.076s before climbing back up to about $0.082 throughout the course of the day.
According to coinglass.com, the dramatic decline resulted in leveraged Dogecoin long futures contracts worth roughly $10 million being wiped out on Monday. This was the largest one-day-long liquidation event that had occurred in more than three months.
Do you think there will be further declines in the price of Dogecoin (DOGE)?

The most recent decline in the price of Dogecoin gives credence to bearish price formations that have been displaying warning flags over the past few days.
First and foremost, ever since the price of Dogecoin reached its highest point in December, it has remained consolidated within a bearish descending triangle pattern.
Secondly, soon before the end of the year 2024, Dogecoin saw a price drop that was below an uptrend that had been in effect since October.
The significant decline that occurred on Wednesday below the critical short-term support in the $0.088 level provided further evidence that the near-term technical bias is likely to be negative.
In the near future, price forecasts may continue to be pessimistic, and it is possible that DOGE may see more declines.
Will Dogecoin Reach $1 in the Year 2024?
Although the extremely short-term future for Dogecoin may seem gloomy, this is primarily due to technical factors. Assuming that the overall cryptocurrency bull market continues to be volatile, it is likely that dips will not be very severe or endure for an excessively long period of time.
Therefore, Dogecoin is a good candidate to perform well as risk appetite throughout the cryptocurrency market improves this year in conjunction with the introduction of spot cryptocurrency exchange-traded funds (ETFs) and a rate-cutting cycle from the Federal Reserve.
In light of the fact that Dogecoin, for the most part, was unable to keep up with the significant price increases that Bitcoin (BTC) and Ether (ETH) experienced in 2023, it is possible that Dogecoin may be considered a rather attractive value bet considering the current market conditions.
In the year 2021, the market capitalization of Dogecoin momentarily hit $82 billion.
In the event that the cryptocurrency is able to achieve this level in 2024 or 2025, there is a possibility that DOGE may reach $1 dollars.
As of right now, there are around 142 billion Dogecoins in circulation, which means that in order for each token to be worth $1, the market capitalization of DOGE would need to reach a total of $142 billion.
#DOGE #elonMusk #DogecoinUpdate $DOGE

Despite the fact that the highly anticipated space launch that is delivering a physical Dogecoin to the moon has finally taken place, the price of DOGE has stayed unchanged. Later on today, the Vulcan Centaur rocket took off with its remarkable cargo, which included the arrival of hundreds of thousands of people.
Early on Monday morning, the United Launch Alliance successfully launched the Vulcan Centaur rocket. The launch was carried out by the United Launch Alliance. Additionally, the rocket that was responsible for transporting the Peregrine Lunar Lander, which is a component of the NASA Commercial Luna Payload Services (CLPS) Initiative, was also responsible for transporting additional cargo, one of which was a gold-plated DOGE coin.
Because it has been in the works for a considerable amount of time, this unveiling has been eagerly anticipated by many people. On the other hand, it has not had the effect that was desired on the price of the meme coin, which has continued to suffer in the wake of the introduction. Over the past day, Dogecoin has experienced a loss of more than three percent, and it is currently battling to maintain support above $0.075.

As a result of the fact that this event turned out to be a "sell the news" affair, the suspense that had been surrounding it has since subsided. At this moment, everyone's attention is focused on the DOGE-1 space project, which is the first space mission to be funded solely through bitcoin usage. On the other hand, if the Vulcan mission is any indication, then the DOGE-1 space trip might also turn out to be a non-event. This is especially true considering the fact that investors' interest in the coin is beginning to decrease.
It would appear that there is a glimmer of hope for the meme coin, Dogecoin, despite the fact that it has been afflicted by a lack of attention over the past several days. During the past day, its trading volume has started to improve, and during this time period, it has registered a gain of more than sixty percent.
This may indicate that there is a resurgence of interest in the meme coin, particularly in light of the fact that reduced prices are providing investors with an opportunity to reconsider their position in the market. From this point on, the price of DOGE is following the overall movement of the cryptocurrency market. A recovery in the price of Bitcoin might set off a ripple effect that ultimately results in an increase in the price of DOGE becoming more expensive.
It is interesting to note that the Crypto Fear & Greed Index continues to be firmly located in the greed region. This indicates that investors are not being discouraged from investing in cryptocurrencies. As a matter of fact, investors are most likely waiting for the judgment that the SEC will make on Wednesday about the Bitcoin Spot ETFs in order to identify the next step to take.
#doge #elonMusk #crypto2024 $DOGE

One of the most prominent supporters of Dogecoin and the CEO of X, Tesla, and SpaceX, Elon Musk, is once again in the heart of debate about the cryptocurrency. Within the context of the DealBook Summit that was held by The New York Times, the entrepreneur made a few remarks.
In the interview, Jesse Powell, who was the co-founder of Kraken and had previously served as the CEO of the cryptocurrency exchange, gave his thoughts. More specifically, Powell discussed the manner in which Elon Musk approaches the management of the social media network.
X (Twitter), which was once a publicly traded corporation in the United States, was acquired by Musk in a transaction of one billion dollars, which was billed as an effort to "rescue freedom of speech." The entrepreneur asserted that the platform was "subjugated" to the government of the United States of America while speaking at the DealBook Summit.
In addition, Elon Musk argued that this purported control was in violation of the Constitution of the United States of America and the First Amendment. To quote Musk:
Considering the extent to which the entire Twitter platform was essentially a sock puppet for the government, it was incredible. It would appear that there is a serious breach of the first amendment, particularly with regard to the level of control that the government had over all of Twitter, which is no longer the case with Twitter.
The co-founder of Kraken expressed agreement with Musk's position. In an effort to "protect" free expression, the current chief executive officer of the social media platform has been adopting adjustments in the site's regulations. This is what Powell said through his X handle:
There is a very compelling argument that Twitter makes against the notion that billionaires should not exist. In point of fact, it demonstrates that we must ensure the care of at least one individual who is worth $44 billion.
A number of other members of the cryptocurrency community concurred with Powell and his support of Elon Musk. This group of people appreciated Musk's role in "protecting" freedom; nevertheless, other others pointed out that it is important to prevent individuals and entities from accumulating power.
During the same interview, Musk discussed the problem that the platform needs to overcome with regard to advertisements. Apple, IBM, and Disney are among the companies who have made the decision to discontinue their marketing campaigns on X because of the company's claimed tolerance with "pro-Nazi" tweets by its employees.
In a conversation with Bob Iger, the CEO of Disney, Elon Musk remarked, "Go F yourself. Take care of yourself. Does that make sense? As a result, Musk's fans have shown their support once again, despite the fact that Disney+, the streaming service owned by Disney, is reportedly experiencing a rise in the number of users who are quitting the service.
#elonMusk #dogecoin #BTC

Tesla, the electric car giant, has won the antitrust lawsuit filed against it, accusing the company of monopolizing the vehicle maintenance and spare parts markets, forcing customers to pay high prices and endure long waits for repairs.

The antitrust lawsuit against Tesla, the electric car company owned by entrepreneur Elon Musk, has been dismissed in the United States. In the lawsuit, Tesla was accused of monopolizing the vehicle maintenance and spare parts markets, allegedly leading customers to pay high prices and endure long waits for repairs.
U.S. District Judge Trina Thompson in San Francisco ruled on Friday that the plaintiffs in the class-action lawsuit failed to prove that customers were unaware of alleged issues when purchasing their vehicles or could not predict the costs of keeping their vehicles in working condition.
The judge also stated that the customers could not prove that Tesla forced them to use its services and parts just because they initially purchased their vehicles.
In the decision text, Judge Thompson stated, "Plaintiffs allege that the defendant misled them about how much maintenance their electric vehicles would require and how long that maintenance would take. However, plaintiffs do not allege anywhere that consumers were unaware of the purportedly supra-competitive prices and exorbitant wait times."
Judge Thompson also rejected claims under California consumer protection laws. She said that the customers could choose to amend their complaints, which combine five lawsuits and cover drivers who have been paying for Tesla repairs and parts since March 2019.
According to the complaint, drivers with traditionally powered vehicles can get repairs done at dealerships or independent stores and use parts produced by original manufacturers or other companies. However, Tesla differs by requiring owners to have their vehicle maintenance done by the Texas-based company or its authorized service centers and insisting on the use of only Tesla parts.

#BTC #Tesla #elonMusk
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