Dogecoin Price Prediction: Can DOGE Recover After Elon Musk Loses the Title of World’s Richest Person?

Dogecoin Price Prediction: Can DOGE Recover After Elon Musk Loses the Title of World’s Richest Person?

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It has been a rough month for DOGE, the ticker for Dogecoin, the native cryptocurrency on the Dogecoin blockchain. Dogecoin failed to make a sustainable high on Tuesday on weaker-than-expected US inflation data and failed to pull back above $0.095 after facing resistance at its 21-day and 50-day moving averages. The dog-meme-inspired cryptocurrency had fallen back below $0.09 on Wednesday amid a more aggressive tone when the market anticipated the need for further rate hikes from the US Federal Reserve in its latest monetary policy announcement.

From current levels of around $0.089, DOGE/USD turns down around 2.3% on Wednesday and is down around 4.0% this week and 16% this month. Therefore, the price forecasts remain cautious.

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Bulls were hoping for a so-called “Christmas rally” to save the day, but Dogecoin currently looks much more likely to emulate its December 2021, where it lost more than 20% from December. 2020 when it increased by 24%.

Dogecoin’s bright finish in November, which gave some bulls hope for a retest of the post-Elon Musk Twitter takeover in the $0.16 area, did not result in another uptrend for Dogecoin in December. The cryptocurrency seems content to go down. Within the recent ranges and has no major bullish or bearish technical bias now—almost 61.

The 8% Fibonacci retracement level returns to yearly lows below $0.05 from early November highs around $0.16 after failing to break above the 50% Fibonacci level a few weeks ago. To keep. Play if the cryptocurrency falls further to the $0.08 low.

A break below this up trendline could open the door for a drop towards a key resistance area at $0.07, where the November double bottom, 200 DMA, and Fibonacci retracement level at 78.6%.

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Elon Musk No Longer the World’s Richest Person, Can Dogecoin Recover?

According to Forbe’s updated rich list, as reported by CNBC, Tesla, SpaceX, and Twitter, CEO Elon Musk is no longer the richest person in the world. A drop in Tesla’s stock price, plus a Twitter valuation that’s only about 50% of what Musk paid, means Bernard Arnault, the CEO, and chairman of the European group of luxury brands LVMH, is now ranked as the wealthiest man in the world. Does this matter for Dogecoin? Not really. Elon Musk is a well-known cryptocurrency enthusiast, so it might be a problem if he suddenly lost all his money, influence, and capacity to advance Dogecoin.

But he hasn’t lost any of that, just his status as the richest person in the world. He still owns Twitter, and there is still significant speculation that he could integrate Dogecoin into a future Twitter payments system.

Altcoins Offering Quicker Returns

Cryptocurrencies have been trading sideways for several weeks, leading some traders to look for alternatives with shorter-term potential. Below are some of the leading pre-sales in the market, allowing investors to get in on the spot. Floor.

Dash 2 Trade (D2T) – Presale Enters Final Stage

Those interested in investing in a promising crypto trading platform startup should look no further than Dash 2 Trade. With its wealth of features, the emerging social trading and analytics platform aims to dominate the cryptocurrency trading market completely. A pre-sale token scoring system, a token listing alert system, a strategy testing tool, social sentiment, on-chain indicators, and trading signals are a few of these. The Dash 2 Trade ecosystem is powered by the D2T token, which users must buy and hold to access the platform’s features. Dash 2 Trade is currently holding a pre-sale of tokens at heavily discounted prices, and the sale recently surpassed $9.7 million. The pre-sale panel will go live on Friday, and the development team is ahead of schedule. The tokens sell for $0.0533 each and will appear on multiple key exchanges in about a month.

Calvaria (RIA) – Final Presale Stage Now

In 2022, popular blockchain games like Axie Infinity have experienced significant traction loss. Due to this, many investors interested in the crypto gaming industry are looking for other opportunities. Calvaria is a promising battle card to play and win. The cryptocurrency game could be a good alternative. Calvaria seeks to encourage cryptocurrency adoption by bridging the real world and cryptocurrency, a fun and accessible cryptocurrency game. Investors should sell the Calvaria RIA token in advance.

Calvaria has now raised $2.44 million, with a crypto whale raising $97.5,000 on a purchase last week. The pre-sale is in the final phase; only 21% of the tokens are left.

Robotica (TARO)

Robotica (TARO) is a sandbox-style metaverse that allows players to play as robots and participate in the creation of their virtual world, including NFT-based terrain, buildings, and other game elements. An alpha release in the first quarter of next year, there are plans to allow players to connect with other metaverses, creating a multiverse in which NFTs from different platforms can work together.1 TARO is currently selling for 0.020 USDT (possibly be bought with USDT or ETH), although this price will increase to $0.025 in the second phase of the pre-sale.

The project has raised over $545,000 in funding in just a few weeks since pre-sales began.

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