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Dogecoin Price Prediction as Elon Musk Suggests He Might Step Down as Twitter CEO – Here are DOGE Levels to Look Out For

Joel Frank
Last updated: | 5 min read
DOGE could fall back to its September/October range. Source: TradingView

Elon Musk might soon be stepping down as the CEO of Twitter and, judging by Dogecoin’s price action on Monday, the news isn’t going down well. DOGE, the token that powers the decentralized dog meme-inspired Dogecoin blockchain payments network, was last down just shy of 2.0% on Monday near $0.077 and eyeing a retest of last Friday’s lows in the $0.074 area. Price predictions for the cryptocurrency remain downbeat, with DOGE currently down close to 30% on the month.

DOGE eyes key support area. Source: TradingView

Traders are eying a retest of November’s double bottom lows in the $0.07 area, which also coincides with the key 78.6% Fibonacci retracement level back from the November highs near $0.16 to the annual lows just under $0.05. DOGE had pumped back in late October through to early November on hopes that Musk might implement Dogecoin into a future Twitter payments system.

Price Prediction – Where Next For DOGE?

If Musk does step down as Twitter CEO, that doesn’t mean an end to his influence over the company. He will still be its owner. In that regard, the Dogecoin community won’t yet lose hope that their cryptocurrency might find itself part of a future Twitter payments ecosystem. But any such hope isn’t evident in DOGE’s price action on Monday, with the cryptocurrency threatening a break below support in the $0.07 area, which could trigger a drop back into the $0.055-$0.068ish range that had been in play during September and most of October.

DOGE could fall back to its September/October range. Source: TradingView

But looking at DOGE over a longer time horizon, things don’t look so bad. During the late October surge, Dogecoin broke above a key long-term downtrend. Dogecoin bulls will be hoping that if there is a short-term dip back to the $0.05 area, this could form a longer-term bottom ahead of a push back to record highs in 2023.

Longer-term Dogecoin technicals still look good. Source: TradingView

Musk to Step Down as Twitter CEO

Over the weekend, Elon Musk asked Twitter via a poll whether he should step down as the head of the social media company. “I will abide by the results of this pole”, he said. The poll closed with 57.5% of votes saying yes and 42.5% no.

Musk has a history of abiding by the results of important Twitter polls that he conducts, such as one when he asked whether he should sell $10 billion in Tesla stock and another when he asked whether he should purchase Twitter. The suggests that Musk will soon step down as the CEO of the company. Some twitter users speculated that Musk already has a replacement lined up and had already been planning on leaving.

Tesla, of which Elon Musk is also CEO, has seen its share price underperform in recent weeks since Musk’s Twitter takeover on fears that Musk is distracted. TSLA shares had been up as much as 3.0% in earlier Monday trade on optimism that a Musk resignation would mean more focus returning to the electric car maker, but shares have since handed back most of these gains.

Musk’s Recent Twitter Controversies

Musk’s recent actions as Twitter CEO have attracted significant criticism and ire in recent days and may have something to do with his decision to poll Twitter users as to whether he should continue as CEO. A few days ago, a series of journalists were banned from the platform for allegedly violating a new Twitter anti-doxxing policy after sharing the whereabouts of Musk’s private jet.

After facing heavy criticism over the move, Musk reinstated the journalists following after asking Twitter users via a poll as to whether they should be reinstated or not. Meanwhile, Musk has also received significant criticism over a move to ban users from promoting competing platforms such as Facebook, Instagram, and Mastodon.

Altcoins Offering Quicker Returns

Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.

FightOut (FGHT) – Presale Launches

FightOut, a brand-new move-to-earn (M2E) fitness application and gym chain that seeks to bring the fitness lifestyle into web3, has opened its pre-sale and investors think the project could transform the existing web3 M2E landscape. While existing M2E applications such as STEPN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part.

FightOut’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised over $2.15 million in just a few days. FGHT is the token that will power the FightOut crypto ecosystem.

Visit FightOut Now

Dash 2 Trade (D2T) – Presale Enters Final Stage

Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.

These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features. 

Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $10.18 million. The pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in around one month.

Visit Dash 2 Trade here

Calvaria (RIA) – Final Presale Stage Now

Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.

Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.49 million, with a crypto whale scooping up $97.5K in one purchase earlier this month. The presale is in the final stage, with only 20% of tokens left. 

Visit Calvaria Now