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Friday, September 29, 2023

Dogecoin Price Prediction: Elon Musk’s Connection to DOGE Could Propel it 22% Higher

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Dogecoin’s upward trajectory could continue after the much-awaited biography of the billionaire CEO Elon Musk which is expected to reveal his connection to DOGE. The book detailing the X owner’s life and achievements written by Walter Isaacson will be released on September 12.

Isaacson wrote an exclusive excerpt from his new biography titled “Elon Musk,” in the Wall Street Journal giving a behind-the-scenes look into the life of one of the greatest businessmen of our times. The book gives a deep dive into Elon Musk’s decision to acquire Twitter and explores the possibilities for Dogecoin being incorporated into the social media giant’s payment system.

According to Isaacson, after it became public that Musk was buying Twitter shares, the popular tech mogul reached out to Parag Agrawal, Twitter’s CEO, and arranged a secret dinner meeting on March 31. Musk described Agrawal as “a really nice guy,” but he believed that being likable was not a desirable trait for a CEO. Musk stated, “What Twitter needs is a fire-breathing dragon, and Parag is not that.”

The next day, the Tesla CEO had lunch with his brother Kimbal, who suggested the idea of starting a new blockchain-powered social media platform. Musk was intrigued by this and even half-jokingly mentioned incorporating DOGE, the cryptocurrency he had been funding, as a payment system for the platform.

It remains to be seen whether Twitter, now X, will incorporate the leading coin into its payments system. The Dogecoin community is eagerly awaiting to see if any specific details could be revealed in the biography once it is out.

DOGE’s Upside Remains as $0.0776 Comes Into the Picture

Dogecoin price has recorded a series of higher lows on the daily chart since August 18. This has led to the appearance of an ascending trend line which has been providing the dog-themed crypto with support.

At the time of writing, DOGE was trading at $0.0633 and was fighting immediate resistance from the 50-day Simple Moving Average (SMA) which is currently sitting at $0.0637. A daily candlestick close above the level would bring the next hurdle at $0.065 into the picture with the 200-day and 100-day SMAs at %0.0685 and $0.0703 respectively, emerging as additional barriers.

Shattering these ceilings would open the way for a return to the $0.0776 range high, representing a 22% uptick from the current price.

DOGE/USD Daily Chart

On the downside, the Relative Strength Index (RSI) was moving within the negative region. The price strength at 39 suggested that the market conditions still favored the downside. As such, DOGE could turn down from the current level to produce a daily candlestick close below the ascending trendline at $0.0625.

This would invalidate the bullish thesis with the meme token dropping first toward the $0.06 psychological level and later revisiting the $0.0561 swing low.

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