Tesla CEO Elon Musk’s respect for Dogecoin is evident in the price charts as it remains the most aggressive meme coin in the crypto market.
Dogecoin has gained over 250% in its value since Elon Musk acquired Twitter on 25 October, and it continues to pump due to high buying pressure and demand.
The current price movement of DOGE has already caught the attention of many crypto analysts for giving their predictions on its future price movement.
According to an analyst, Dogecoin may witness an enormous rise in the next five years, making it a good investment option in the long term.
Dogecoin Paved Its Way to the Moon!
Elon Musk has greatly influenced the price of Dogecoin and contributed to the massive increase in the meme coin amid the crypto winter.
Dogecoin seems to be changing the fortunes of investors and Map Portfolio once again, as it has generated a great ROI over the past few days.
Recently, a famous crypto strategist, AltstreetBet, predicted that Dogecoin might attain a maximum price range of $2-$5 in the next few years.
According to AltstreetBet, Dogecoin may continue its current market trend by following the further movements of Doge-Father in the market.
As a result, Dogecoin may touch a resistance level of $0.3 in 2024 and then face rejection before kicking off a significant bearish trend to $0.03 by the beginning of 2026, indicated as wave 4. The analyst further predicted that DOGE might form a wave 5 after completing wave 4.
In Wave 5, Dogecoin is anticipated to experience an incredible rise in the price chart as it may touch the maximum price range of $2-$5. However, Wave 5 can be shortened as Wave 1, and Wave 3 was amplified.
Dogecoin Forms A Bearish Candle
The Twitter-inspired upward rally has put a stop to the DOGE price as it faces rejection at $0.15 and forms a long bearish candle on the daily price chart. Dogecoin fell from a high of $0.158 to a low of $0.124 yesterday, as whale investors continue to create selling pressure.
Looking at the daily price chart, the meme coin hype may end soon as investors are now looking to liquidate their holdings after booking a significant profit due to ‘Sell the News’ (Twitter acquisition of Musk).
The RSI level also does not support Dogecoin’s current trend, as it has dropped from a level of 91 to 79.
The lower boundary of the Bollinger Bands is $0.11, which is an immediate support level for DOGE. If Dogecoin breaks below this support level, it could decline sharply to its fundamental support level of $0.07.
Conversely, the MACD indicator favors Dogecoin’s bullish momentum as it trades upward. Moreover, SMA-200 or Mayer Multiple trades at 1.83, the highest since June 2021. As a result, Dogecoin may slightly make an upward correction before dropping rapidly in the price chart.
Katie Stockton, Founder of Fairlead Strategies, said, “Dogecoin surged over 100% last week on speculation of integration with Twitter. Given the breakout above the 200-day moving average and prior peaks, the bounce on its charts is meaningful. “
