The Biography of Elon Musk: Revealing His Involvement in the Crypto World
The upcoming biography of Elon Musk, set to be published on September 12, sheds light on previously unknown aspects of his involvement in the crypto industry, particularly Dogecoin. Here are the key points:
- Musk has been discreetly funding the development of Dogecoin, emphasizing his significant influence on the meme coin’s popularity.
- Previous suspicions of Musk’s comments on Dogecoin swaying its market dynamics are confirmed.
- A class-action lawsuit accused Musk of insider trading and inflating Dogecoin’s price, but he defended his stance.
- Musk considered launching a blockchain-based social media platform with integrated payments, possibly using Dogecoin as the payment system.
- A failed investment attempt by Sam Bankman-Fried to aid Musk’s acquisition of Twitter is also explored.
Dogecoin Price Analysis: Sideways Trend in the Short Term, Bearish Signals in the Long Term
Despite the revelations from Musk’s biography, Dogecoin’s price remains unaffected. Here’s the price analysis:
In the short term:
- Currently trading at $0.0633, DOGE’s price is oscillating between $0.0626 and $0.0667, displaying a sideways trend.
In the long term:
- Dogecoin has been in a persistent downtrend since December, indicated by a descending trend channel on the 1-day chart.
- Pivotal support levels, including the 200-day EMA, have been breached, signaling potential bearish momentum.
- A retest of the annual low at $0.05593 and a descent to the lower boundary of the descending channel at $0.05 are possible.
Hot Take: Potential Opportunities for DOGE Investors
Although Dogecoin’s price faces bearish signals, defending its current level could present a lucrative entry point for investors. To see a significant price rally, DOGE needs to rebound from a potential new low with substantial buying volume, aiming for a price target above $0.058.
By
By
By
By