The price of Bitcoin failed to stay above the critical $27,800 level and needs to close at $28,800 for an upward trend. But what about Dogecoin? The king of meme coins is preparing for September, facing two options: either follow Bitcoin’s path or create its own with a surprising announcement. So what are the possible scenarios? What can investors expect?
Dogecoin (DOGE) Analysis
X (formerly known as Twitter) is expanding its payment licenses. However, the announcement of the latest license did not have the expected permanent impact on the price of cryptocurrencies. We need to understand this clearly. The regulatory uncertainty surrounding cryptocurrencies is enough to scare even someone as crazy as Elon Musk. The lack of concrete steps or timetable for the company’s cryptocurrency payments is due to this uncertainty.
In a period where even giants like Mastercard have become hesitant, X launching payment services with cryptocurrency would mean Elon Musk declaring war on regulatory institutions. Launching an integrated payment service with a social media platform, even without cryptocurrencies, is already a legal matter. We have already mentioned the warnings from US politicians regarding this matter.
In this situation, it seems that DOGE will not be able to achieve a sustainable rise in September with a Musk announcement. Considering Bitcoin’s continuous declines during September and the possibility of the SEC appealing the recent decision, the next month may not be a great period for the king of meme coins.
DOGE Price in Turkish Lira (TRY)
According to data from 21milyon.com, the price of DOGE finds buyers at 1.76 TRY. The cumulative volume on local exchanges in Turkey is around 172 million dollars. DOGE attracts intense interest in Turkey, especially as a speculative altcoin. However, the price of DOGE has been far from the daily candles that we are used to, which exceed 20%.
Looking at the situation with the USDT pair, the price is struggling to surpass the upper channel line. After yesterday’s news, the price made an upward move but fell below the $0.06547 line again. In the short term, closing above $0.063 indicates the potential for further recovery.
If the upper channel line is broken, a new uptrend towards the $0.0772 region may begin. In the opposite scenario, depending on Bitcoin’s performance, we may see a test of the support level. If the support is lost, we will unfortunately witness the third attempt to break the $0.055 support this year. Breaking supports in the downward direction on the third attempt is a common occurrence.
