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.