The Dogecoin price is up significantly in the hours following Elon Musk’s announcement that he would be granting amnesty to suspended Twitter accounts. Dogecoin is currently trading at $0.08793, up 0.51% in the past hour, 8.34% in the past 24 hours and 3.20% over the past week.
The Dogecoin price has been bolstered by Musk’s continued support for Dogecoin on Twitter, as well as rumors that Dogecoin could soon be integrated into Twitter ’s platform. Dogecoin has been a favorite of Musk’s, who has named Dogecoin the “people’s crypto” and even jokingly suggested Dogecoin could be used to pay for his online polls.
Dogecoin Price Prediction and Technical Analysis
Dogecoin is currently consolidating, with a Relative Strength Index (RSI) of 51.3704, and Exponential Moving Average (EMA 10) of 0.0834. This indicates buying momentum may be slowing, and Dogecoin bulls should be at best cautiously optimistic.
The Dogecoin price appears to have found strong support above $0.071 range after bouncing off the support area at least three times since the end of October, while the resistance level of $0.091 has remained relatively firm over the past week.
Technical signals suggest Dogecoin could be about to continue a consolidation phase over the coming weeks as Dogecoin investors wait for developments on Dogecoin integration into Twitter’s platform. This, of course, depends on whether the greater market moves up or down as well.
Dogecoin Fundamental Analysis
Aside from macroeconomic conditions, Dogecoin’s continued success will depend largely on the amount of support it receives from Musk and other influential figures in the cryptocurrency space, as well as further developments with Dogecoin integration into Twitter.
At this stage, however, any speculation about Dogecoin integration into Twitter is just that – speculation. But Dogecoin investors and traders should definitely keep their eyes open for potential developments in the coming weeks and months.
As always, traders must also be aware of the larger macroeconomic conditions and the wider crypto market as well. For example, if the stock market sees a steep decline or Genesis files for bankruptcy as a result of the FTX contagion, most cryptocurrencies would likely see major losses.
Overall, investors should be highly cautious of meme coins like Dogecoin, which tend to be extremely volatile and can crash in price just as fast as they pump. This is particularly true of Dogecoin, which is largely dependent on the whims of Musk and his tweets.
It’s important to remember that Dogecoin is still a highly speculative asset, and it’s always wise to diversify your portfolio both with more established cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) as well as other altcoins and promising projects still in presale.
For example, trending presale coins at the moment with strong fundamentals backed by solid teams include Dash 2 Trade (D2T), RobotEra (TARO), and IMPT.
Dash 2 Trade (D2T)
Dash 2 Trade is an innovative social trading and crypto analytics platform that helps investors make informed investment decisions. Dash 2 Trade’s features include:
Trading signals with buy/sell opportunities in the market,
Social sentiment and on-chain analysis to spot trending coins,
Strategy builder and social trading tools for easy trading and strategy adoption,
Bespoke scoring system to gauge crypto presales
Crypto listing alerts to for promising new listings
Trading competitions for subscribers.
The D2T token is the fuel that powers the Dash 2 Trade ecosystem.
Due to launch in Q1 2023, D2T has raised nearly $7 million so far. The project has announced listings on BitMart and LBANK Exchange at the start of 2023.
The RobotEra game is a futuristic, robot-themed game that takes place in a virtual world where players can buy and own virtual property and purchase in-game assets tied to NFTs. In the RobotEra Metaverse, players are free to create their own games and experiences, which are supported by the TARO token.
1 TARO is currently selling for $0.020 USDT in the presale (purchased using USDT or ETH), but this will increase to $0.025 during stage 2 of the presale starting soon.
IMPT is a revolutionary way for people and businesses to join the fight against climate change. It connects responsible brands with businesses and individuals who want to lower their carbon footprint. Users can buy, sell, or retire credits while avoiding double counting and fraud.
Users earn carbon credits by shopping at over 10,000 different retailers who contribute a percentage of sales to carbon capturing projects. Additionally, users can track their progress with Global Score and receive IMPT points for various activities on the platform.
Since sales of IMPT began in October, over $13 million has been raised in the presale. 1 IMPT currently costs $0.023 and is set to raise in the next stage of the presale.