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Dogecoin Price Prediction as Elon Musk Posts Photo of His Dog on Twitter – Is Elon Buying More DOGE?

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Source: TradingView

The Dogecoin price has gained by 3% in the past 24 hours, reaching $0.089260 in the context of an 8% increase for the cryptocurrency market as a whole. DOGE has also risen by 6.5% in the last 30 days, helped in part by the ongoing support of the coin by Tesla- and Twitter-owner Elon Musk.

After wearing a Dogecoin T-shirt at the Super Bowl, Musk has now sparked online discussion by posting a photo of his Shiba Inu dog (the mascot of Dogecoin) on Twitter. However, given that DOGE has risen by less than other major tokens in the past 24 hours, it’s probably safe to say that the billionaire has not bought any more of the meme coin.

Dogecoin Price Prediction as Elon Musk Posts Photo of His Dog on Twitter – Is Elon Buying More DOGE?

DOGE’s indicators suggest that further rises for the altoin could be on the horizon. Its relative strength index (purple) has climbed from 40 a few days ago to nearly 60 today, with its current level meaning that it isn’t overbought yet and could enjoy more gains.

Source: TradingView

At the same time, the coin’s 30-day moving average (red) continues to climb above its 200-day (blue), and doesn’t look like it has peaked just yet. And if DOGE can break through the $0.09 mark, it could witness some sustained gains. 

It seems that DOGE’s gains in the past 24 hours follow mostly from today’s marketwide rally, which has brought the meme token along with it for the ride. That said, it also comes after Musk posted another characteristic tweet of his, in which he makes some vague allusion to Dogecoin without actually showing any real evidence that he has increased his holdings.

This tweet did appear to cause a very brief rally in which DOGE rose to the resistance level of $0.09, but it quickly fell down again while other coins continued rising. As such, you could just as easily argue that Musk used it to briefly pump DOGE so that he could offload some of his holdings.

Musk has long and illustrious history of tweeting and meme-ing about Dogecoin. Aside from yesterday’s tweet, he also recently marked his attendance at Super Bowl LVII by wearing a Dogecoin T-shirt, doing so while sitting next to Fox Corp. and News Corp. owner Rupert Murdoch.

This little stunt also caused a very brief mini-rally for DOGE, which rose to $0.084 on Sunday before coming back down again. Yet what Dogecoin supporters are really holding out for is for Twitter to announce that it’s bringing cryptocurrency, and DOGE, payments to its platform.

Speculation over whether such a scenario would be realized mounted a couple of weeks ago, when the Financial Times ran an article reporting that the social network was pushing ahead with its digital payment plans, and that it had even been applying for regulatory licenses across the US.

In light of Elon Musk’s long-standing championing of dogecoin — as well as hints last year that he may consider introducing the option to pay for Twitter subscriptions in DOGE — this report also sparked a rally. And it continues to feed the hope that it’s only a matter of time before DOGE attracts another major, Elon Musk-owned adopter, after Tesla introduced DOGE payments for some merchandise in 2021.

Assuming that Twitter did end up integrating with Dogecoin, there’s little doubt that DOGE would surge, perhaps reaching $1 and beyond. However, in a world where this doesn’t happen, a realistic target for 2023 would be somewhere close to $0.13, as suggested by a recent report by crypto-exchange Changelly.

This would make for a gain of around 45% over DOGE’s current price, which in the context of a still-recovering market, would be an achievement.

Buy Dogecoin Now

Is Now A Good Time to Buy Dogecoin?

Assuming that the market is going to continue its upwards trajectory, now would be a good time to buy DOGE. That said, there other high-potential crypto projects that are worth investing in alongside the meme token. Accordingly, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.