Dogecoin Price Prediction – DOGE May Be Under Elon Musk’s Spell and That Could Be Bad


Dogecoin price prediction has turned bearish after breaking below an immediate support level of $0.080. On Saturday, the DOGE/USD pair began the day at $0.08478 and reached a high of $0.08679 and a low of $0.08135. In a Tweet response on December 14, Tesla CEO Elon Musk hinted at a possible payment alternative that the Twitter site is considering.

The tech entrepreneur has hinted that he intends to challenge PayPal’s hegemony in the digital payment ecosystem. In terms of functionality, the billionaire is working on a payment system that will compete with PayPal.

Users could send and receive money on social media, according to the new Twitter owner. However, because customers will need to transfer money to verified accounts, the new strategy will necessitate the use of traditional banks. In addition, as an incentive for making deposits with Twitter, the new system would offer customers a high-yield money market account.

Musk claims that the new blue tick subscription will benefit the creative ecosystem because the paid verification will demonstrate the growth of a payment system on Twitter. Because of the paid verification process, the billionaire stated that payments on Twitter will be secure and free of fraud.

As the cryptocurrency’s most prominent and outspoken supporter, Musk holds the key to Dogecoin’s recovery. Meanwhile, the recent decision to integrate payment methods within Twitter has given the Dogecoin community reason to be optimistic. Many people believe that Elon Musk’s new payment system will rely heavily on the digital meme currency Dogecoin.

Musk could pull another trick out of his sleeve and turn Dogecoin into the native token with a new payment system that competes with PayPal. It may also increase the value of the DOGE/USD.

Congressman Declares DOGE is $100 a Coin

On December 12, the Bahamas Police arrested Sam Bankman-Fried of FTX, the world’s second-largest cryptocurrency exchange. SBF is responsible for one of America’s largest-scale financial crimes. As SBF prepares to fight extradition, the US has filed criminal charges related to wire fraud, money laundering, and securities fraud conspiracy.

Members of the United States Congress are debating legislation to regulate and control cryptocurrency. Furthermore, Congressman Ed Perlmutter, the US representative for Colorado’s 7th congressional district, mentioned Dogecoin during the first congressional hearing on the FTX case, Investigating the Collapse of FTX, Part I. “I have ten Dogecoins (DOGE), okay?” he said. For the sake of argument, 10 Dogecoins were worth $10,000 a year ago, or $100 per coin.”

The comments entertained Crypto Twitter, but other investors interpreted them as a bullish sign. Indeed, Congressman Perlmutter’s words sparked a brief bull run for dog money, and the DOGE Army gathered material for more #DogeCoinToTheMoon memes.

Despite the outspoken Congressman’s recognition, the DOGE/USD is still falling.

Dogecoin’s current price is $0.077399, with a 24-hour trading volume of $731 million. In the last 24 hours, Dogecoin has dropped 6%. CoinMarketCap now ranks #8 with a live market cap of $10 billion. The circulation supply is 132,670,764,300 DOGE coins.

Dogecoin Price Prediction – Daily Technical Levels

Support Resistance
0.083056 0.087646
0.081323 0.090503
0.078466 0.092236

Pivot Point: 0.085913

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