Dogecoin Trades Lower Despite Bullish Predictions and Musk’s Endorsement
Investing.com
Published Oct 24, 2023 20:48
Dogecoin, the cryptocurrency famously endorsed by Tesla (NASDAQ:TSLA) CEO Elon Musk, is currently trading at $0.0679, a significant drop from its May 2021 peak of $0.7376. Despite a recent jump from $0.0607 to $0.0687 following a potential SEC approval of a Bitcoin spot ETF, Dogecoin remains nearly 91% below its previous high. This decline comes despite multiple tweets from Musk endorsing the digital currency.
The Dogecoin Fear and Greed Index currently stands at a "greed" level of 71, suggesting that a market correction could be on the horizon. This index measures market sentiment, with extreme fear indicating that investors are worried and extreme greed suggesting that the market may be due for a correction.
Analysts Ali Martinez and @AngloBTC have noted a descending triangle pattern in Dogecoin's price movement, predicting that the cryptocurrency could reach $1. However, this optimistic view contrasts with the current market sentiment and Dogecoin's recent performance.
Musk, who has been a vocal supporter of Dogecoin, made headlines when he endorsed the cryptocurrency on Saturday Night Live. Despite his endorsement and statements such as "The universe owes me 1 billion dollars," Dogecoin has not managed to regain its previous highs as investors have taken profits.
Bitcoin, the world's largest cryptocurrency by market cap, is currently trading at $34,585 on Bitstamp. Its surge was sparked by potential SEC approval of a Bitcoin spot ETF, which also influenced Dogecoin's recent price increase.
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Written By: Investing.com
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