Will Elon Musk’s Legal Win Propel Dogecoin Above $0.15?

• Dogecoin’s price rose 4.02% from $0.09854 to $0.1018 after the lawsuit against Musk and Tesla was dismissed.
• Dogecoin is at a key support level of $0.15. If it holds, the price could rise to $0.13 and even $0.15 soon.

In the last 24 hours, Dogecoin (DOGE) saw a modest uptick of 4.02%, reaching $0.1025 as it attempts to recover from recent setbacks. The slight boost in price was followed by the dismissal of a federal lawsuit against Elon Musk and Tesla, with the court ruling that Musk’s Dogecoin-related tweets were not misleading but rather optimistic expressions.

Despite the price increase, Dogecoin’s trading volume experienced a 19% decline, settling at $467 million. This decrease in activity reflects the broader market’s cautious stance, as DOGE continues to mirror Bitcoin’s trend, with BTC trading below $60K.

Interestingly, Dogecoin’s gradual price increase suggests a healthier, more sustainable growth pattern, allowing for the establishment of stronger support levels. Reports indicate that large holders of DOGE have been accumulating, signaling confidence in the memecoin’s potential.

Technical Outlook and Price Targets for Dogecoin

DOGE is currently at a pivotal price point. According to the Dogecoin price prediction, the coin’s price is slightly above its 9-day moving average (MA), which means the current price is just a bit higher than the average price over the last nine days. This can indicate a short-term upward trend.

Further, the relative strength index (RSI) of 47.33, indicates a neutral stance in the market. The meme coin’s price might stay steady or move slowly in the upper direction.

In that case, a successful defense of the $0.105 support level could potentially ignite a bullish trend, with the price possibly reaching $0.13 in the coming week. 

Should Dogecoin break past $0.13, the next target could be $0.174, setting the stage for a continued upward trajectory. Conversely, if the $0.10 support fails, DOGE could slip to $0.095, putting further gains at risk.

Overall, the market sentiment around Dogecoin remains optimistic, with social media buzz reflecting its sustained popularity despite recent price fluctuations.

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