Dogecoin (DOGE), the largest meme coin in terms of market value, has been lacking Elon Musk’s support for a long time. The upcoming feature of transferring money to X soon and the stagnant DOGE price tell us something important. So, what is the current situation in the DOGE camp?
Dogecoin (DOGE) News
According to the statements made by X officials (formerly known as Twitter), payment services will be available on the platform soon. Money transfers will be possible through X next year. However, the team, despite completing permits in many states, did not take a positive step regarding cryptocurrency support.
Due to regulatory pressure and uncertainty, it is not logical for Musk to bring crypto payment services to the platform at such an early stage. Moreover, even transfers in fiat currency have the potential to put Elon Musk in a difficult position, according to US politicians. This is why the DOGE price has not shown positive performance despite the confirmed payment services.
On the other hand, as you may remember, the DOGE-1 space mission was expected to take place in November. The launch date of the rocket has been postponed to January 12, 2024. This has led to the postponement of the anticipated DOGE price increase. For those who do not know, the DOGE-1 mission is as follows:
“Doge-1 is one of the payloads for the nova-c IM-1 lunar mission, a SpaceX Falcon 9 rocket carrying a lander with various payloads, Intuitive Machines has just received the flight manifest and is now ready for flight.”
Dogecoin (DOGE) Price Forecast
The postponement of the space mission caused the price to drop again below $0.072. As of the time this article was prepared, DOGE finds buyers at $0.06915 and still has the possibility of closing above the resistance zone on a weekly basis. It is important for the continuation of the uptrend to attract strong demand above this zone.
The resistance of the parallel channel we have been following on the daily chart since August 17 is between $0.068-69. If there are closings below this level, tests at $0.067 and $0.064 seem possible. In the event of larger sell-offs, the support area at $0.061 and $0.06 may be violated. In October, demand held the DOGE price at $0.0574 despite deeper losses.
In the worst-case scenario, a decline could continue to $0.035 after $0.055 and $0.5. In the best-case scenario, tests at $0.077 and $0.084 are possible.
