Even a beginner in the crypto market knows that a single tweet from Elon Musk can influence the price of Dogecoin, which is why the recent news has surged the price of DOGE. Elon Musk acquiring Twitter for $44 billion is the biggest takeover of 2022. Moreover, this happened within a few months of Elon Musk joining Twitter’s board of members group.
Twitter is full of memes today, and the followers are divided into 2 parts. Moreover, all the followers of Elon Musk and Twitter do not know the future of this social media platform, so all the news is based on speculation.
We can find the effects of the same on the crypto world. Today, Dogecoin’s price has risen by more than 29% after this news was made public. Now the question is, will DOGE sustain the price rise in the long term? Is it the turning point for Twitter and Dogecoin?
Many people believe Elon Musk will introduce decentralized currencies such as BTC, ETH, and DOGE on Twitter. If that happens, it will impact the price of these three coins. Is it the ideal time to invest for the long term?
With the recent news of Elon Musk, the DOGE was trading at around $0.164, but interestingly it did not break the recent highs of $0.179. Is it the right time for investment? Click here to find out the answer and detailed Dogecoin prediction.
Based on the technical indicators, the coin is bullish because the MACD line has made a bullish crossover with a green histogram, RSI is 64, and candlesticks have crossed the upper band of the Bollinger Bands with a significant volume rise. All these technical indicators suggest a positive momentum in the market.
In the long term, the coin is not bullish yet. Though the MACD line shows a bullish crossover with four consecutive green histograms, we think the price has been trading within a specific range.
Dogecoin may be volatile, but we think it is not a good time to buy for the long term because all the volatility is due to speculation and not based on any facts. That is why you should wait until any authentic news comes from Twitter’s end.
Indeed, any tweet from Elon Musk may disrupt the technical and fundamental analysis of this meme coin. Still, we think it is not the ideal time for an investment, and you should wait for some time before investing for the long term.
Elon Musk believes Dogecoin is a ‘People’s Coin,’ so we think you should invest in this coin for the long term after the market stabilizes.
Source: https://www.cryptonewsz.com/dogecoin-on-a-bull-run-after-elon-musk-buys-twitter/