DOGE to $1? Elon Musk Says He Still Holds the Coin

• Elon Musk revealed that he still holds DOGE, despite not being vocal about it.
• DOGE might continue moving between $0.08 and $0.09 in the short term
• If DOGE follows Bitcoin’s direction, it could hit $1 by 2025.

Elon Musk, CEO of Tesla and owner of X, disclosed that he was still in support of the Dogecoin (DOGE) community and still holds memecoin. The billionaire, who is also the CEO of SpaceX, said this in an X conversation. 

During the conversation, Musk mentioned that SpaceX holds Bitcoin (BTC), even though Tesla sold 75% of its holdings at some point. Musk’s support for Dogecoin goes as far back as 2019.

Furthermore, his support for the coin was one of the reasons the DOGE X community grew to 3.8 million. Following his reaffirmation, some DOGE holders are convinced that the coin price will hit $1.

DOGE to Trade Sideways

Coin Edition, in a recent article, predicted that DOGE might break the $0.1 mark in 2024. The prediction also mentioned that the coin price might cross the $1 mark between 2025 and 2026. However, if Musk continues to declare support publicly for the coin, the road to $1 might come earlier than projected. 

DOGE’s price at the time of writing was $0.083. In December 2023, DOGE hit the $0.1 mark. But in the short-term, it might not reach that point considering the indications on the 4-hour chart.

At press time, the Aroon indicator showed that both the Aroon Up (blue) and Aroon Down (orange) trended downward. So, instead of a bearish or bullish move, Dogecoin might consolidate for the time being.

An assessment of the RSI showed that the initial bullish momentum had slowed down. As of this writing, the RSI was 58.13—a slight drop from 64.93, which was the reading on January 11.

DOGE Moves with BTC

If the RSI reading decreases, DOGE’s price might fall. However, an increase could push the coin price toward $0.090. In the long term, DOGE’s correlation with BTC might also help its price action. For many market participants, BTC has the potential to hit a new high this year. This is largely due to the Bitcoin halving in April.

Also, the correlation coefficient between DOGE and BTC in the past three months is 0.89. This means that DOGE is expected to underperform against Bitcoin. However, the value also implies that there was some sort of correlation between Bitcoin and Dogecoin.

Therefore, investors looking to buy DOGE might need to watch out for Bitcoin’s movement. Should BTC hit a new ATH high this year, then DOGE’s prediction of $1 could be a possibility.