Can the Dogecoin DOGE Price Trend Have an Impact? A Prediction.
Dogecoin has been on a bullish journey in recent days, but its price is subject to several factors, including market sentiment and macroeconomic factors. Investors believe that Elon Musk’s announcement to step down as Twitter CEO could negatively impact the price of Dogecoin. Nevertheless, crypto experts predict that the asset will record several high prices. Dogecoin’s past and present price trends show that the coin is re-tasting its $0.07 level. The digital currency is currently below its 50-Day and 200-Day Simple Moving Average, which means its bearish market is likely to linger for several weeks. Its Relative Strength Index value is in a neutral position. Factors affecting the price of Dogecoin include market sentiment and laws of supply and demand. One recent factor that could affect the price of Dogecoin is the change of leadership in Twitter. Elon Musk’s announcement causing jitters in the DOGE crypto market as community members fear the loss of attention and reduced support from the Dogecoin enthusiast. However, according to Santiment’s data, the number of active addresses on DOGE has increased following the news. Coinglass’s data have shown that many investors have positive expectations from this new change. Dogecoin’s support levels are $0.0588 and $0.0703, and its resistance level at $0.0959 hints at the possibility of DOGE gaining new prices recurrently in the long run. In the next few days, Dogecoin is likely to increase even amid fluctuations.
About The Author
