Saturday, June 15, 2024

Dogecoin Slide Persists Regardless of This Elon Musk Bio Revelation

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The upcoming biography of Elon Musk, set to be revealed on September 12, is shedding gentle on some beforehand unknown sides of the billionaire’s involvement within the crypto and particularly Dogecoin world. In keeping with a report by the Wall Avenue Journal, the biography discloses that Musk has been discreetly funding the event of Dogecoin.

The tech entrepreneur Musk has been “quietly funding” the event of Dogecoin, the biography unveils, additional emphasizing the numerous affect Musk has had on the meme coin’s recognition. This revelation comes amidst earlier suspicions that Musk’s feedback on Dogecoin have been instrumental in swaying its market dynamics.

Earlier this yr, a class-action lawsuit accused him of insider buying and selling and artificially inflating the cryptocurrency’s worth. Musk, nonetheless, defended his stance, asserting that his tweets in assist of Dogecoin weren’t unlawful.

The biography, penned by Walter Isaacson, additionally highlights Musk’s consideration of launching a blockchain-based social media platform with built-in funds. The concept got here from his brother Kimbal, who advised beginning a very new social media platform primarily based on blockchain.

Musk humorously contemplated utilizing Dogecoin because the platform’s fee system. Remarkably, Musk lately clarified that X, the rebranded model of Twitter which he acquired for $44 billion, would “by no means” introduce its personal token.

Apparently, the biography additionally delves right into a failed funding try by Sam Bankman-Fried (SBF), the previous CEO of the bancrupt crypto trade FTX. SBF had reportedly proposed a $5 billion funding to assist Musk’s acquisition of Twitter. Nevertheless, following the collapse of FTX, Musk clarified that neither he nor Twitter had ever accepted investments from SBF or FTX.

Dogecoin Worth Is Unimpressed

Regardless of the intriguing revelations from Musk’s biography, Dogecoin’s worth trajectory appears to stay unaffected. At the moment buying and selling at $0.0633, DOGE’s worth motion on the 4-hour chart seems to be in a good vary, oscillating between the 23.6% ($0.0626) and 38.2% Fibonacci retracement ranges ($0.0667), displaying a sideways pattern within the decrease timeframe (LTF).

DOGE trades sideways on the LTF, 4-hour chart | Supply: DOGEUSD on

Nevertheless, a take a look at the upper timeframe (HTF), the 1-day chart, paints a distinct image. Dogecoin’s worth has been ensnared in a persistent downtrend since December of the earlier yr. This downtrend, characterised by a descending pattern channel, has remained intact. In late July, DOGE skilled a bounce off the higher trendline of this channel, solely to renew its regular decline.

Dogecoin DOGE price
DOGE downtrend continues on the HTF, 1-day chart | Supply: DOGEUSD on

Concerningly, pivotal assist ranges, together with the 200-day EMA, have been breached, signaling potential bearish momentum. Primarily based on the present chart patterns, there’s a looming risk that DOGE would possibly retest its annual low at $0.05593. In a extra pessimistic state of affairs, a descent to the decrease boundary of the descending channel, pegged roughly at $0.05, appears attainable.

However, if DOGE manages to staunchly defend its present worth degree, it’d current a profitable entry level for potential buyers. For a major worth rally to materialize, it’s essential for DOGE to rebound from this (new potential) low with substantial shopping for quantity, setting its sights on a worth goal above $0.058.

Featured picture from iStock, chart from

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