Dogecoin’s price experienced another sell-off this week after Elon Musk announced that he would resign as the CEO of Twitter as soon as he finds an appropriate replacement.
Musk has been leading the social media company since October and at the time of his announcement, Dogecoin’s price rallied by over 178% and reached a high of $0.1596. DOGE is now trading at around $0.074 and here’s where it’s heading next.
Elon Musk to Leave Twitter as CEO, Is Dogecoin Price Doomed?
In recent years, Dogecoin’s price has become more sensitive to Musk’s tweets and comments. After announcing that he would be acquiring Twitter, Musk hinted that DOGE would be integrated into the platform, which was welcomed by the Dogecoin community. However, Twitter later announced that it was delaying the addition of cryptocurrency payments. Despite this, Dogecoin remains closely tied to Musk, who is a fan of the meme-based token.
Since taking over the top job at Twitter, Musk has been accused of neglecting his role at Tesla, the world’s leading electric vehicle (EV) manufacturer, where he is also the CEO. Tesla’s stock has plunged recently, toppling Musk from being the world’s richest man.
The business mogul says that he intends to focus on leading the software and server teams once he has found a replacement for him as CEO.
Dogecoin Price Holds Firmly to Support as Recovery Looms
Dogecoin price is trading at $0.0741 after bears respected support at $0.0702. Analysts have predicted that the meme coin may drop to test a lower price level at $0.0573 if it confirms a break below $0.0702.
However, bullish momentum is gradually building, possibly bolstered by an incoming buy signal from the Moving Average Convergence Divergence (MACD) indicator. Traders may wish to enter their long positions after the MACD (line in blue) makes a clear divergence above the signal line (in red).
Investors should tread cautiously, remembering that market conditions are still deplorable following the collapse of FTX. The global economy is still glaring at ballooning inflation amid a potential fresh of the COVID-19 virus.
Therefore, Dogecoin must make a clean break above all the major moving averages, including the 50-day Exponential Moving Average (EMA) (in red) and currently holds at $0.0839, the 100-day EMA (in blue) as seen at $0.0874 and the 200-day EMA (in purple) at $0.884. Moving toward and above $0.1000 will require DOGE to trade above two consecutive falling trend lines (dotted and continuous lines).
DOGE Whales Are Buying the Dip
As Dogecoin price struggles to find direction, large-volume holders appear to be digging into their pockets to fill their bags. On-chain data from Santiment shows addresses with 100,000 to 1,000,000 coins now hold 6% of the network’s total supply – the highest in six months.
The increased uptake of the meme coin implies investors are seeing a long-term bullish outlook in Dogecoin price. If demand for DOGE keeps rising, its price may soon start gaining momentum for a rally – meaning Musk’s exit from Twitter as CEO will not leave it in shambles.
Dogecoin Alternatives Offering Quick Returns
The future of Dogecoin price is largely intertwined with Elon Musk’s comments and tweets, which could make portfolio management difficult. Investors looking for new additions to their portfolio may be interested in newer cryptocurrency projects with the potential to rally. The selected tokens listed here are moving toward their first exchange listings, with some scheduled for as early as January 2022.
FightOut (FGHT): Bringing Change to The Fitness Industry
FightOut is a new crypto project redefining the fitness lifestyle with Web3 solutions. It is a Move-to-Earn (M2E) app with a gym chain that gamifies the fitness lifestyle. Users in the ecosystem are rewarded for completing predetermined workouts and challenges while earning badges and growing within a dynamic community.
A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks. Since FightOut is coming to revolutionize the fitness economy with Web3 solutions, users can create accounts and mint their own digital NFT avatars to use in the metaverse.
FightOut presale is selling out fast, with $2.28 million raised in just a few weeks. 1 USDT buys 60 FGHT tokens, but the price will likely increase in the next presale stage.
Visit FightOut Now
Dash 2 Trade (D2T)
Dash 2 Trade is a cryptocurrency platform changing how people view and manage their crypto portfolios. This platform gives users access to world-class crypto analytics and social trading tools.
Dash 2 Trade has many features and services that traders can explore as they navigate the dynamic cryptocurrency market. In addition to timely trading signals, Dash 2 Trade offers social sentiment and on-chain analysis to spot trending coins easily.
Dash 2 Trade presale has raised $10.41 million and is in the final stage. D2T is selling for $0.0533 ahead of its first exchange listing on January 11.
Visit Dash 2 Trade Now.
C+Charge (CCHG)
This is a new peer-to-peer (P2P) payment system for EV charging stations developed by C+Charge using blockchain technology. The EV arena is further complicated by the lack of industry standards for charging. However, with C+Charge, most problems have been addressed using a dynamic token, CCHG.
In addition to providing access to carbon credits, CCHG tokens will be used by drivers to pay for EV charging services. Operators of the charging stations will also receive payment via the same token.
C+Charge is conducting a presale where 0.013 USDT buys 1 CCHG. The price will increase to 0.0165 USDT in the next presale stage.’
Visit C+Charge Now.
Related News:
Dogecoin Price Prediction as DOGE Falls 23% in a Week – Time to Buy the Dip?
Is it Too Late to Buy Litecoin? Crypto Experts Give Their LTC Predictions
Credit: Source link
