DOGE Price Prediction: Elon Musk and Whales Active Again for Doge

Dogecoin (DOGE) investors filed a lawsuit, accusing Elon Musk of driving up the price of Dogecoin, calling it a pump and dump scheme. Musk allegedly drove up the price by more than 36,000% over two years and then let it crash to pieces. However, the Tesla CEO’s lawyers argued that Musk’s tweets about Dogecoin were “innocuous and often silly”. Allegedly, mid Musk’s silence over DOGE, suspicion grew in the community that DOGE was indeed a pump and dump scheme.

Meanwhile, a DOGE whale abruptly moved 350 million of the meme-asset in multiple transactions, causing humongous whale splashes. The whale surveillance platform Whale Alert reported that a mega trader moved 350 million DOGE from one unknown wallet to another, out of the blue. The DOGE movement amounted to $26 million at the time of the transaction. The whale movement created a bullish outlook for Dogecoin price.

The Pictorial

DOGE price escaped the declining trend line, forming a rising channel. The pseudo-bullish flag pattern might be hinting at a break-out in the near future. The volume indicates high volatility in the market for Dogecoin. The horizontal OBV shows that the market is yet to decide its momentum. The EMA ribbon, on the other hand, formed a bearish crossover, indicating chances of a break-down which could occur if the lawsuit against the biggest DOGE fan drags on.

DOGE price formed a staggered rally, and faced resistance by the sellers on the daily chart. The CMF moves in the positive zone suggesting a bullish outlook overall, but the current drop indicates a reduced swing. The MACD formed a positive crossover suggesting consistent buyer interest. The RSI steadily moves to the upper half ranges supporting the MACD reading.

A Smaller Window

In the smaller time frame, DOGE price moves in a horizontal channel. The CMF moves to higher zones in the positive region, indicating short term positive influence. The MACD forms a short term positive cross, recording ascending buyer bars. The RSI moves in the 60-ranges to mirror buyer-influence in DOGE price action. The short term indicators signal bullishness, but the signals are weak compared to the present macro scenario.

Conclusion

DOGE could be trapped in a turmoil, where on one side is the Elon Musk lawsuit and on the other side, a deserted market. The DOGE price action could be suggesting bearish momentum in the coming weeks. A bearish swing is predicted, keeping in mind the ongoing lawsuit drama. Holders can rely on the support near $0.0713.

Technical levels

Support levels: $0.0713 and $0.0625

Resistance levels: $0.0857 and $0.1000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing