Why Dogecoin (DOGE) Value Prediction to $1 Is Doable After Musk Revelation

• Elon Musk revealed that he nonetheless holds DOGE, regardless of not being vocal about it.
• DOGE would possibly proceed shifting between $0.08 and $0.09 within the brief time period
• If DOGE follows Bitcoin’s course, it might hit $1 by 2025.

Elon Musk, CEO of Tesla and proprietor of X, disclosed that he was nonetheless in help of the Dogecoin (DOGE) neighborhood and nonetheless holds memecoin. The billionaire, who can be the CEO of SpaceX, mentioned this in an X dialog. 

Throughout the dialog, Musk talked about that SpaceX holds Bitcoin (BTC), despite the fact that Tesla bought 75% of its holdings sooner or later. Musk’s help for Dogecoin goes way back to 2019.

Moreover, his help for the coin was one of many causes the DOGE X neighborhood grew to three.8 million. Following his reaffirmation, some DOGE holders are satisfied that the coin worth will hit $1.

DOGE to Commerce Sideways

Coin Version, in a current article, predicted that DOGE would possibly break the $0.1 mark in 2024. The prediction additionally talked about that the coin worth would possibly cross the $1 mark between 2025 and 2026. Nevertheless, if Musk continues to declare help publicly for the coin, the highway to $1 would possibly come sooner than projected. 

DOGE’s worth on the time of writing was $0.083. In December 2023, DOGE hit the $0.1 mark. However within the short-term, it won’t attain that time contemplating the indications on the 4-hour chart.

At press time, the Aroon indicator confirmed that each the Aroon Up (blue) and Aroon Down (orange) trended downward. So, as an alternative of a bearish or bullish transfer, Dogecoin would possibly consolidate in the meanwhile.

An evaluation of the RSI confirmed that the preliminary bullish momentum had slowed down. As of this writing, the RSI was 58.13—a slight drop from 64.93, which was the studying on January 11.

DOGE Strikes with BTC

If the RSI studying decreases, DOGE’s worth would possibly fall. Nevertheless, a rise might push the coin worth towards $0.090. In the long run, DOGE’s correlation with BTC may also assist its worth motion. For a lot of market members, BTC has the potential to hit a brand new excessive this 12 months. That is largely as a result of Bitcoin halving in April.

Additionally, the correlation coefficient between DOGE and BTC previously three months is 0.89. Which means DOGE is anticipated to underperform in opposition to Bitcoin. Nevertheless, the worth additionally implies that there was some form of correlation between Bitcoin and Dogecoin.

Subsequently, traders seeking to purchase DOGE would possibly have to be careful for Bitcoin’s motion. Ought to BTC hit a brand new ATH excessive this 12 months, then DOGE’s prediction of $1 could possibly be a chance.