As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve learned to navigate its ups and downs with a blend of cautious optimism and a dash of humor. The recent sparring between Elon Musk and Taylor Swift has certainly stirred the pot, and while I’m not one to bet my entire portfolio on a Twitter feud, I can’t help but feel a twinge of excitement.
Recently, Dogecoin‘s price has been showing positive, or upward, tendencies, even though the overall market is still trying to regain strength. This has left many asking when Bitcoin‘s price might resume its upward momentum. This speculation has been fueled by a notable interaction on social media between Elon Musk and Taylor Swift.
During the highly anticipated Trump-Harris debate, cryptocurrency enthusiasts were left underwhelmed because neither candidate discussed crypto matters. This lack of discussion caused a market dip that extended to Dogecoin as well. However, investors continue to be hopeful as predictions suggest DOGE‘s price could soar by 113% in the near future. But there’s a caveat:
Elon Musk Swift Spat Impact on Dogecoin Price
The interaction between Elon Musk and Taylor Swift on social media about Dogecoin has sparked renewed curiosity around it. Known for shaping market tendencies, Musk reacted on X (previously Twitter) to Swift’s Instagram endorsement of Kamala Harris as the U.S. President. Swift’s post, which showcased her cat with the caption “cat lady without kids” in a playful jab at J.D. Vance, quickly became a viral sensation.
Fine Taylor … you win … I will give you a child and guard your cats with my life
— Elon Musk (@elonmusk) September 11, 2024
Elon Musk, a known supporter of former President Trump, has advocated for a government efficiency commission in the past, playfully referred to as “DOGE.” Given his history of influencing Dogecoin’s price through his social media activities, many investors are curious if this notable engagement could lead to substantial increases for the meme currency.
DOGE price has dropped 3.2% in the last 24 hours and is trading at $0.1004.
DOGE Price Retest Could Launch a 6% Drawdown
In simple terms, although it’s predicted that Dogecoin will rise in the long run, there’s a possibility that its price might decrease by about 6% to around $0.092 in the short term. However, this could be followed by a climb towards higher values. On the 4-hour chart, you’ll notice that Dogecoin has been moving within a falling channel and made a significant breakout on September 10th. Typically, breakouts are confirmed by retests; if not, they might turn out to be false signals.
Based on findings from Coinglass, it appears that there’s a significant discrepancy between those betting on DOGE to rise (Longs) and those betting on it to fall (Shorts). On a daily scale, this data suggests a heavy concentration of Short positions, indicating a generally pessimistic outlook among traders in the short term, predicting that the price may continue to decline.
Conversely, on a weekly basis, it appears that Long positions outnumber Short ones, implying that optimistic feelings about the market are prevalent as traders anticipate an increase in Dogecoin’s value over the long haul.
On the daily chart, Dogecoin’s price appears to be following a descending wedge formation, which typically concludes with an upward movement. This pattern has persisted for approximately six months, suggesting that if it breaks out, the surge could be substantial, possibly surpassing the predicted 113% increase in value.
It’s expected that the price of DOGE might encounter obstacles around $0.115 and $0.138 as it increases. If it manages to overcome these levels, Dogecoin could aim for $0.17 initially and potentially reach $0.21. With further progress, we might see DOGE hitting new peak values this year.
If bears take control, the forecast for Dogecoin indicates that it could potentially weaken its current support at approximately $0.092, possibly sliding downwards to retest the support levels of $0.08 and even $0.07.
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2024-09-11 11:17