In a recent X Space event, Elon Musk, the renowned billionaire and CEO of Tesla and SpaceX, reaffirmed his unwavering support for Dogecoin.
Musk, known for his influential presence in the tech industry, disclosed that he personally holds Dogecoin, while his space exploration company, SpaceX, remains invested in Bitcoin.
Elon Musk Is Bullish on Dogecoin
The recent revelation aligns with Elon Musk’s history of boosting Dogecoin’s profile. In 2021, his endorsements propelled the meme coin to unprecedented heights. Despite the bear market, Musk’s affinity for Dogecoin remains steadfast, demonstrating his belief in the cryptocurrency’s potential.
While Tesla, another Musk-led venture, also includes Bitcoin in its assets, Musk’s personal choice leans towards Dogecoin.
“I still own a bunch of Dogecoin, and SpaceX owns a bunch of Bitcoin,” Musk explained.
Interestingly, the impact of Musk’s statements on Dogecoin’s value seems to be diminishing. Unlike the dramatic surges following his 2021 tweets, recent revelations have only slightly nudged DOGE’s price.
The 7.7% price increase Dogecoin has seen this week aligns with a general uptrend in the crypto market, spurred by the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs.
Read more: Dogecoin vs. Bitcoin: An Ultimate Comparison
Musk’s comments at the X Space event also included a nod towards Bitcoin’s potential utility on the X platform. While he admitted to not focusing heavily on Bitcoin, he expressed openness to incorporating it into X’s payment system.
His analogy of Bitcoin as “gold” and not ideal for transactions reflects his nuanced view of different cryptocurrencies.
DOGE Price Awaits a Major Catalyst
Amidst these developments, technical analysts have offered varied outlooks on Dogecoin’s future.
Skew, a pseudonymous analyst, suggested a cautious approach, recommending investments above specific price points for better risk-reward balance.
“Still a huge high timeframe range developing here in my opinion, but better reward for the risk above $0.0875. In terms of structure and a technical uptrend, I would be looking for a higher high above December’s 2022 high of $0.110 and a higher low around $0.094 or December’s 2023 high,” Skew said.
Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know
Meanwhile, Anbessa advised patience, predicting that Dogecoin would regain its charm once it crosses certain technical thresholds.
“If 2D 360MA support and resistance flip and some consolidation, the old [Dogecoin] will entertain us again. This might take a while. Once above 2D 360MA, rotate profits and accumulate in the next weeks and months. Patience,” Anbessa stated.
Elon Musk’s support for Dogecoin remains notable as the crypto market evolves. It reflects his belief in the DOGE’s potential despite the market fluctuations.
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