Is Elon Musk Nonetheless Bullish on Dogecoin (DOGE)?

In a current X House occasion, Elon Musk, the famend billionaire and CEO of Tesla and SpaceX, reaffirmed his unwavering assist for Dogecoin. 

Musk, identified for his influential presence within the tech business, disclosed that he personally holds Dogecoin, whereas his house exploration firm, SpaceX, stays invested in Bitcoin.

Elon Musk Is Bullish on Dogecoin

The current revelation aligns with Elon Musk’s historical past of boosting Dogecoin’s profile. In 2021, his endorsements propelled the meme coin to unprecedented heights. Regardless of the bear market, Musk’s affinity for Dogecoin stays steadfast, demonstrating his perception within the cryptocurrency’s potential.

Whereas Tesla, one other Musk-led enterprise, additionally consists of Bitcoin in its property, Musk’s private selection leans in direction of Dogecoin.

“I nonetheless personal a bunch of Dogecoin, and SpaceX owns a bunch of Bitcoin,” Musk defined.

Apparently, the impression of Musk’s statements on Dogecoin’s worth appears to be diminishing. Not like the dramatic surges following his 2021 tweets, current revelations have solely barely nudged DOGE’s worth.

The 7.7% worth enhance Dogecoin has seen this week aligns with a common uptrend within the crypto market, spurred by the US Securities and Change Fee’s (SEC) approval of spot Bitcoin ETFs.

Learn extra: Dogecoin vs. Bitcoin: An Final Comparability

Musk’s feedback on the X House occasion additionally included a nod in direction of Bitcoin’s potential utility on the X platform. Whereas he admitted to not focusing closely on Bitcoin, he expressed openness to incorporating it into X’s cost system.

His analogy of Bitcoin as “gold” and never ultimate for transactions displays his nuanced view of various cryptocurrencies.

DOGE Value Awaits a Main Catalyst

Amidst these developments, technical analysts have supplied diverse outlooks on Dogecoin’s future.

Skew, a pseudonymous analyst, urged a cautious method, recommending investments above particular worth factors for higher risk-reward steadiness.

“Nonetheless an enormous excessive timeframe vary growing right here for my part, however higher reward for the danger above $0.0875. By way of construction and a technical uptrend, I’d be on the lookout for the next excessive above December’s 2022 excessive of $0.110 and the next low round $0.094 or December’s 2023 excessive,” Skew stated.

Learn extra: How To Purchase Dogecoin (DOGE) and Every part You Want To Know

In the meantime, Anbessa suggested endurance, predicting that Dogecoin would regain its allure as soon as it crosses sure technical thresholds.

“If 2D 360MA assist and resistance flip and a few consolidation, the previous [Dogecoin] will entertain us once more. This would possibly take some time. As soon as above 2D 360MA, rotate earnings and accumulate within the subsequent weeks and months. Persistence,” Anbessa said.

Elon Musk’s assist for Dogecoin stays notable because the crypto market evolves. It displays his perception within the DOGE’s potential regardless of the market fluctuations.