Dogecoin price with a significant upswing has been able to reach beyond $0.065 after consolidating heavily around $0.059 since the early trading hours. The sudden upward swing appears to have recovered the losses incurred in the last seven days gaining strong bullish momentum. Now when Bitcoin prices appear to have stabilized above $21,000, the popular altcoins are also expected to rise high including the DOGE price. The sudden increase in the price, interestingly, was not due to any mentions by Tesla CEO Elon Musk. Therefore, the gained levels are expected to prevail for long while the asset may plan for the next price action. Presently, the bears have jumped in action but with fewer possibilities of a massive sell-off, the price could maintain a significant uptrend.
So, it is clear that the DOGE price is following a significant uptrend along the trend line. Therefore, even if the bears grow strong and try to drag the price down, the asset may not drop back to the lower trend line. The price could drop slightly but maintain $0.63 levels and quickly rebound to test the upper resistance at $0.7. It is quite interesting that Dogecoin's price rose high without any mention from its interpreted CEO, Elon Musk. Each time, the CEO tweets about the asset, the DOGE price spikes high gaining more than 15% to 20%. Woefully, all the gains squeeze quickly in the next couple of hours, dragging the price to its initial levels. In a complaint filed in a federal court in Manhattan last week, plaintiff Keith Johnson had accused Musk of racketeering for touting dogecoin on Twitter and driving up its price, only to let it tumble. Johnson is seeking a total of US$258 billion from Elon Musk. Since Musk began promoting the virtual currency, investors have lost around US$86 billion, Johnson estimates, representing the decline in Dogecoin's market value since May 2021. He would like Musk to reimburse dogecoin investors this sum, plus pay double that in damages, i.e. an additional US$172 billion, taking the total lawsuit sum to a whopping US$258 billion. Taking to Twitter, the richest person in the world wrote, "I will keep supporting Dogecoin." When a Twitter user suggested that if Musk supports it, he should keep buying it, the tech billionaire responded: "I am."
In contrast, the present jump appears more organic and is deeply influenced by the present market trends. Therefore, one can expect minor corrections and negligible pullback, which may further induce a catapult action enabling the price to move higher. Collectively, the current market trend suggests significant upward price action is much in place with Dogecoin (DOGE) price ahead.
The Dogecoin cryptocurrency started the meme revolution and has remained the most popular coin on the planet. It has a loyal army of supporters on social media and is widely accepted as a payment currency by many businesses across the globe. The DOGE Token is being widely accumulated by many whale accounts who are taking advantage of the dipping season. Recently, whales accumulated US$31.6 million worth of DOGE in a single day which shows the amount of faith in this meme cryptocurrency. The Dogecoin ecosystem has a history of providing support to various charitable causes. The DOGE Token has seen a strong price rise in the past and could be accumulated for potentially huge gains in the future too. Dogecoin developers announced the testnet version of the new utility-focused Dogechain offshoot is now open for developers to start building before the main net's official launch. "Dogechain" is built on Polygon Edge, which lets the project bootstrap a new blockchain network while providing full compatibility with Ethereum smart contracts and transactions. It uses IBFT (Istanbul Byzantine Fault Tolerant) consensus mechanism, supported PoS (proof-of-stake)."
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