Dogecoin worth prediction is bearish because it trades within the pink a day after Elon Musk’s remarks it help of DOGE on Tuesday. The value of the meme coin has dropped sharply over the previous 24 hours shedding roughly 6.7% on the day. If the pattern continues, Dogecoin worth may drop again to the Monday shut round $0.1574.
Tesla To Settle for Funds in DOGE
Dogecoin may cease being only a meme coin with the chances of getting used as a fee mechanism. The Tesla CEO, Elon Musk stated that Tesla, the Electrical Autos firm, will settle for fee in Dogecoin on a few of its merchandise. The “Father of Dogecoin” revealed this in a tweet as proven beneath:
The value of Doge is up 24% after this tweet pic.twitter.com/BpPct650Px
— Fintwit (@fintwit_news) December 14, 2021
Elon Musk has been identified to point out help for Dogecoin at one level saying that he plans to begin a College in Texas and the tutoring charges can be paid in DOGE. Musk has additionally been identified to favour Dogecoin saying that it may be a greater fee system in comparison with Bitcoin.
Observe that each time the Tesla billionaire CEO mentions Dogecoin in considered one of his tweets, the value of the meme coin surges virtually instantly.
For instance, moments after the above tweet, DOGE worth leaped as a lot as 40% from $0.1774 to an intra-day excessive above $0.22 on Tuesday.
Dogecoin Value Prediction: DOGE may sink 12% deeper
Nonetheless, after the rally yesterday, a correction has ensued that threatens to take the Dogecoin worth deeper.
The current DOGE/USD worth motion has shaped a falling flag on the four-hour chart with yesterday’s inexperienced candlestick to an intraday excessive being the flag publish. Failure to beat the resistance at $0.1847 the place the 100-period Easy Shifting Common (SMA) and the resistance line of the flag coincide, the present correction will proceed.
If this occurs, Dogecoin is prone to tank in the direction of yesterday’s opening worth round $0.1774, a 12% drop from the present worth,
DOGE/USD 4-Hour Chart
The down-sloping RSI and the lowering every day buying and selling quantity add credence to this pessimistic Dogecoin worth prediction.
On the time of writing, Dogecoin worth is hovering round $0.1791 and rising above the 100-Sma may do the above’s bearish narrative with Tuesday’s intraday excessive above $0.22 being the goal upwards.