Dogecoin (DOGE), along with Tron (TRX), stands out as one of the few cryptocurrencies within the top 10 assets by market capitalization this week that has shown gains.
Notably, emerging reports suggest that Elon Musk, the world’s wealthiest individual, may be discreetly providing financial support for the ongoing development of Dogecoin.
On August 31, The Wall Street Journal unveiled Elon Musk’s clandestine involvement in the funding of Dogecoin’s development. These disclosures emerge amidst a period of heightened volatility in the cryptocurrency market. The recent deceleration in the price surge of Bitcoin (BTC) has not only impacted BTC itself but also had a significant impact on Dogecoin, which currently trades at approximately 90% below its all-time high of $0.73 in May 2021.
Consequently, the cryptocurrency community braces itself for what could be a turbulent September, with many pondering the ramifications of Musk’s clandestine financial support on the cryptocurrency landscape.
In particular, the advanced machine learning algorithms deployed by the crypto tracking and analytics platform PricePredictions have set the price of Dogecoin at $0.063529 for September 30, 2023, which represents a modest decrease from its current price, according to the latest data retrieved by Finbold on September 5.
As it happens, to arrive at the above forecast, the machine learning algorithm relies on the extensive analysis of multiple technical analysis (TA) indicators, including moving average convergence divergence (MACD), average true range (ATR), Bollinger Bands (BB), relative strength indicator (RSI), and others.
Musk x DOGE
The revelation around the potential fundings adds a captivating dimension to Musk’s well-documented affiliation with the canine-themed cryptocurrency.
Musk’s association with DOGE remains steadfast, exemplified by his acquisition of Twitter in April 2023, where he promptly replaced the iconic blue bird logo with a Shiba Inu, symbolically endorsing Dogecoin. And to some speculators it is a strategic move by Musk to signal his intent to integrate DOGE into his Twitter-centric initiatives.
DOGE chart analysis
Presently, DOGE is trading at $0.06389, reflecting a 0.77% increase for the day and a further 1.44% gain over the past week. The coin exhibits a notable $0.06008 support level and a $0.06656 resistance level.
Finally, Dogecoin, with its market cap currently at $9 billion, has ascended to the seventh position among the largest cryptocurrencies by overall market value.
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