Dogecoin Price Slide Persists Despite This Elon Musk Biography Revelation
04 Setembro 2023 - 8:30AM
NEWSBTC
The upcoming biography of Elon Musk, set to be published on
September 12, is shedding light on some previously unknown facets
of the billionaire’s involvement in the crypto and especially
Dogecoin world. According to a report by the Wall Street Journal,
the biography discloses that Musk has been discreetly funding the
development of Dogecoin. The tech entrepreneur Musk has been
“quietly funding” the development of Dogecoin, the biography
unveils, further emphasizing the significant influence Musk has had
on the meme coin’s popularity. This revelation comes amidst
previous suspicions that Musk’s comments on Dogecoin have been
instrumental in swaying its market dynamics. Earlier this year, a
class-action lawsuit accused him of insider trading and
artificially inflating the cryptocurrency’s price. Musk, however,
defended his stance, asserting that his tweets in support of
Dogecoin were not illegal. The biography, penned by Walter
Isaacson, also highlights Musk’s consideration of launching a
blockchain-based social media platform with integrated payments.
The idea came from his brother Kimbal, who suggested starting a
completely new social media platform based on blockchain. Musk
humorously contemplated using Dogecoin as the platform’s payment
system. Remarkably, Musk recently clarified that X, the rebranded
version of Twitter which he acquired for $44 billion, would “never”
introduce its own token. Related Reading: Dogecoin And Bitcoin
Become Latest Additions To Robinhood Wallet Interestingly, the
biography also delves into a failed investment attempt by Sam
Bankman-Fried (SBF), the former CEO of the insolvent crypto
exchange FTX. SBF had reportedly proposed a $5 billion investment
to aid Musk’s acquisition of Twitter. However, following the
collapse of FTX, Musk clarified that neither he nor Twitter had
ever accepted investments from SBF or FTX. Dogecoin Price Is
Unimpressed Despite the intriguing revelations from Musk’s
biography, Dogecoin’s price trajectory seems to remain unaffected.
Currently trading at $0.0633, DOGE’s price movement on the 4-hour
chart appears to be in a tight range, oscillating between the 23.6%
($0.0626) and 38.2% Fibonacci retracement levels ($0.0667),
displaying a sideways trend in the lower time frame (LTF). However,
a look at the higher time frame (HTF), the 1-day chart, paints a
different picture. Dogecoin’s price has been ensnared in a
persistent downtrend since December of the previous year. This
downtrend, characterized by a descending trend channel, has
remained intact. In late July, DOGE experienced a bounce off the
upper trendline of this channel, only to resume its steady decline.
Concerningly, pivotal support levels, including the 200-day EMA,
have been breached, signaling potential bearish momentum. Based on
the current chart patterns, there’s a looming possibility that DOGE
might retest its annual low at $0.05593. In a more pessimistic
scenario, a descent to the lower boundary of the descending
channel, pegged roughly at $0.05, seems possible. Related Reading:
Dogecoin Price (DOGE) Holds Strong – Why Bulls Could Aim Rally To
$0.078 Nevertheless, if DOGE manages to staunchly defend its
current price level, it might present a lucrative entry point for
prospective investors. For a significant price rally to
materialize, it’s crucial for DOGE to rebound from this (new
potential) low with substantial buying volume, setting its sights
on a price target above $0.058. Featured image from iStock, chart
from TradingView.com
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