Eccentric billionaire and Tesla and SpaceX CEO Elon Musk has confirmed that he still supports Dogecoin.
During a recent audio discussion on the X platform (formerly known as Twitter), Musk revealed that he personally holds DOGE, while his company, SpaceX remains invested in Bitcoin (BTC).
Musk believes in Dogecoin’s potential
In 2021, the popular meme coin soared in price more than once, thanks to Musk’s support. Interestingly, while Space X continues to accumulate Bitcoin, the businessman’s personal choice leans toward DOGE. “I still own a ton of Dogecoin, and SpaceX still owns a ton of BTC,” he said during the discussion.
However, this time, the coin rate practically did not react to Musk’s words: his latest revelations only slightly pushed DOGE upward. Dogecoin’s 7.7% rise this week coincided with a general uptrend in the cryptocurrency market, spurred by the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC).
Musk also noted BTC’s potential as a payment means, expressing his readiness to include it in the Twitter payment system.
A full-fledged DOGE rally will have to wait
With the bull market approaching, technical analysts are offering various forecasts for Dogecoin price dynamics.
@Skew suggested a cautious approach, recommending investing above certain values for the best risk/reward ratio.
$DOGE 1D
Still a huge HTF range developing here imo but better reward for the risk above $0.08750In terms of structure and a technical uptrend I would be looking for a HH above dec 2022 high ($0.11) & a higher low around ($0.094) or dec 2023 high pic.twitter.com/vejpcAx1be
— Skew Δ (@52kskew) January 10, 2024
@anbessa, meanwhile, advises patience and predicts that Dogecoin will regain its appeal once it passes certain technical thresholds.
$DOGE Master Update
Bottom entry and Top exit in the last cycle✔️
Lion and doggo are tru frens, but lion never waited for $1 as he prefers max profit.
Now here comes a pro tip you don’t deserve to see, will cp without credit. Still sharing.
If 2D 360MA S/R flip & some… pic.twitter.com/xPPEc9DC85
— ANBESSA (@Anbessa100) January 4, 2024
As Dogecoin enthusiasts eagerly await developments, many factors may impact its trajectory. That includes market sentiment, trends, and potential shifts in the broader crypto space that could contribute to fluctuations in DOGE’s value over the short term.
