- Elon Musk revealed that he nonetheless holds DOGE, regardless of not being vocal about it.
- DOGE may proceed transferring between $0.08 and $0.09 within the brief time period
- If DOGE follows Bitcoin’s path, it might hit $1 by 2025.
Elon Musk, CEO of Tesla and proprietor of X, disclosed that he was nonetheless in help of the Dogecoin (DOGE) group and nonetheless holds memecoin. The billionaire, who can be the CEO of SpaceX, stated this in an X dialog.
Throughout the dialog, Musk talked about that SpaceX holds Bitcoin (BTC), although Tesla offered 75% of its holdings in some unspecified time in the future. Musk’s help for Dogecoin goes way back to 2019.
Moreover, his help for the coin was one of many causes the DOGE X group grew to three.8 million. Following his reaffirmation, some DOGE holders are satisfied that the coin value will hit $1.
DOGE to Commerce Sideways
Coin Version, in a latest article, predicted that DOGE may break the $0.1 mark in 2024. The prediction additionally talked about that the coin value may cross the $1 mark between 2025 and 2026. Nonetheless, if Musk continues to declare help publicly for the coin, the street to $1 may come sooner than projected.
DOGE’s value on the time of writing was $0.083. In December 2023, DOGE hit the $0.1 mark. However within the short-term, it may not attain that time contemplating the indications on the 4-hour chart.
At press time, the Aroon indicator confirmed that each the Aroon Up (blue) and Aroon Down (orange) trended downward. So, as an alternative of a bearish or bullish transfer, Dogecoin may consolidate in the intervening time.
An evaluation of the RSI confirmed that the preliminary bullish momentum had slowed down. As of this writing, the RSI was 58.13—a slight drop from 64.93, which was the studying on January 11.
DOGE Strikes with BTC
If the RSI studying decreases, DOGE’s value may fall. Nonetheless, a rise might push the coin value towards $0.090. In the long run, DOGE’s correlation with BTC may also assist its value motion. For a lot of market individuals, BTC has the potential to hit a brand new excessive this yr. That is largely because of the Bitcoin halving in April.
Additionally, the correlation coefficient between DOGE and BTC previously three months is 0.89. Which means that DOGE is predicted to underperform towards Bitcoin. Nonetheless, the worth additionally implies that there was some kind of correlation between Bitcoin and Dogecoin.
Subsequently, traders trying to purchase DOGE may have to be careful for Bitcoin’s motion. Ought to BTC hit a brand new ATH excessive this yr, then DOGE’s prediction of $1 could possibly be a chance.
Disclaimer: The data introduced on this article is for informational and academic functions solely. The article doesn’t represent monetary recommendation or recommendation of any type. Coin Version is just not answerable for any losses incurred because of the utilization of content material, merchandise, or companies talked about. Readers are suggested to train warning earlier than taking any motion associated to the corporate.
