Dogecoin’s price experienced another sell-off this week after Elon Musk announced that he would resign as the CEO of Twitter as soon as he finds an appropriate replacement.
Musk has been leading the social media company since October and at the time of his announcement, Dogecoin’s price rallied by over 178% and reached a high of $0.1596. DOGE is now trading at around $0.074 and here’s where it’s heading next.
In recent years, Dogecoin’s price has become more sensitive to Musk’s tweets and comments. After announcing that he would be acquiring Twitter, Musk hinted that DOGE would be integrated into the platform, which was welcomed by the Dogecoin community. However, Twitter later announced that it was delaying the addition of cryptocurrency payments. Despite this, Dogecoin remains closely tied to Musk, who is a fan of the meme-based token.
Since taking over the top job at Twitter, Musk has been accused of neglecting his role at Tesla, the world’s leading electric vehicle (EV) manufacturer, where he is also the CEO. Tesla’s stock has plunged recently, toppling Musk from being the world’s richest man.
The business mogul says that he intends to focus on leading the software and server teams once he has found a replacement for him as CEO.
Dogecoin price is trading at $0.0741 after bears respected support at $0.0702. Analysts have predicted that the meme coin may drop to test a lower price level at $0.0573 if it confirms a break below $0.0702.
However, bullish momentum is gradually building, possibly bolstered by an incoming buy signal from the Moving Average Convergence Divergence (MACD) indicator. Traders may wish to enter their long positions after the MACD (line in blue) makes a clear divergence above the signal line (in red).
It is important for investors to exercise caution when considering investments in the current market, as conditions are still uncertain following the collapse of FTX. Additionally, there are concerns about rising inflation and the potential for another wave of the COVID-19 pandemic, which could affect the global economy.
Therefore, Dogecoin must make a clean break above all the major moving averages, including the 50-day Exponential Moving Average (EMA) (in red) and currently holds at $0.0839, the 100-day EMA (in blue) as seen at $0.0874 and the 200-day EMA (in purple) at $0.884. Moving toward and above $0.10 will require DOGE to trade above two consecutive falling trend lines (dotted and continuous lines).
As Dogecoin price struggles to find direction, large-volume holders appear to be digging into their pockets to fill their bags. On-chain data from Santiment shows addresses with 100,000 to 1,000,000 coins now hold 6% of the network’s total supply – the highest proportion in six months.
The increasing popularity of Dogecoin suggests that investors believe it has a long-term bullish outlook. If demand for DOGE continues to rise, it is possible that its price will start to gain momentum for a rally. This could potentially mean that Musk’s departure from Twitter as CEO will not have as big an impact on the price as some may believe.
It may take weeks, if not months, for Elon Musk to decide what he wants to do and as such, the future of DOGE also remains up in the air.
That’s why many investors have started looking at newer cryptocurrency projects with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
An Ethereum-based platform, FightOut (FGHT) is a move-to-earn app that will reward users for engaging in a wide variety of workouts, including boxing, weightlifting and yoga. When it launches in Q2 2023 it will also offer a range of in-app and IRL courses, with plans to launch up to 20 of its own branded gyms (in addition to affiliating with numerous pre-existing facilities).
Launched last week, its token sale has already raised over $2.2 million, with $1 currently buying you 60.06 FGHT tokens.
Visit FightOut Now
Also running on Ethereum, Dash 2 Trade is a trading intelligence platform that will provide real-time analytics and social trading data when it launches in the first quarter of next year. Some of its features will include trading signals, on-chain analytics, strategy-building tools, and newsfeeds, all of which will help beginner and experienced traders stay ahead of the unpredictable cryptocurrency market.
The sale of its D2T token has raised over $10.4 million and is now in its final stage (and is due to end in 15 days). It has also announced listings on BitMart, Changelly Pro, and LBANK Exchange for early 2023, with the first coming as soon as January 11.
Visit Dash 2 Trade Now
Coming at perhaps the right time in history, C+Charge (CCHG) is a peer-to-peer payment system for electric vehicle (EV) charging stations. Based on Binance Chain, its aim is to widen access to carbon credits, with which it will reward users for charging their EVs at its terminals.
As a sign of how quickly it could grow, the platform has already signed a deal with Perfect Solutions Turkey, adding 20% of the EV chargers in Turkey to its network. 1 CCHG currently costs $0.013 and can be bought using either BNB or USDT.
Visit C+Charge Now
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A quick 3min read about today's crypto news!
A quick 3min read about today's crypto news!