Despite a Spike in TPS, Dogecoin Bulls are Struggling: What Direction Will DOGE Price Take?

The Dogecoin community is eagerly anticipating a positive tweet from Elon Musk, the CEO of Tesla, to boost the price of the cryptocurrency. Despite Musk joking about gifting his mother some Dogecoins on Mothers’ Day, the currency only saw a 1.6% increase in early London trading on 17 May. However, the adoption of Dogecoin’s DRC20 standard ordinals has led to a surge in transaction volume, causing daily transactions to briefly outperform those of Bitcoin and Litecoin. An increase in demand usually leads to higher prices, with one popular cryptocurrency analyst predicting that Dogecoin’s price will rise towards October 2020’s high. The price of Dogecoin is currently influenced by a weekly death cross, like Bitcoin, involving the 50 and 200 MAs. This could lead to short-term bear pressure on the currency.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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