Dogecoin

Dogecoin price prediction appears to be bullish above the $0.0586 triple bottom support level. Elon Musk, CEO of Tesla, announced on Twitter that customers could purchase his new fragrance with Doge.

The perfume will be delivered in the first quarter of 2023, and payments will be processed through BitPay. Unlike typical reactions to the news, the price of DOGE barely budged after the announcement.

Dogecoin Price Review & Tokenomics

Dogecoin’s current price is $0.0599, with a 24-hour trading volume of $219 million. In the last 24 hours, Dogecoin has dropped 0.21%. CoinMarketCap currently ranks #10 with a live market cap of $7.9 billion. The circulating supply is 132,670,764,300 DOGE coins.

Dogecoin Price

Dogecoin Price & Tokenomics – Source: Tradingview

On October 12, the DOGE/USD opened the day at $0.06026, having previously reached a high of $0.06099 and a low of $0.05986. It is up 2.44% during the European session and appeared to be on the rise but has given up its intraday gains.

Google Cloud Payments to Accept DOGE

Coinbase, the largest cryptocurrency exchange in the United States, is on a roll as it teams up with Google to enable cryptocurrency-based cloud payments. According to reports, Coinbase will launch this payment method in early 2023 and use Google’s cloud computing platform.

The collaboration announced at Google’s Cloud Next conference would aid Google in attracting creative businesses in a fast-paced, competitive market. Moreover, the collaboration would be unique because Google’s main competitors currently do not allow users to pay with digital currency.

Amit Zavery, VP and General Manager of Google Cloud and platform leader, stated that the platform would initially accept cryptocurrency payments from a small number of Web3 customers who choose to do so through integration with the Coinbase Commerce service. Other users will eventually be able to pay with cryptocurrencies through Google.

Currently, Coinbase Commerce supports ten different currencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dogecoin. Dogecoin, the most well-known meme coin, is one of the most widely used currencies and has a sizable community behind it.

Because of its popularity, Dogecoin is now one of the few cryptocurrencies (along with BTC, ETH, and USDT) that can be used to buy almost anything. Furthermore, because Google accepts DOGE as payment, the price of DOGE/USD is expected to rise in the future.

Whales Transfer Almost 1 Billion DOGE as Musk Revives Twitter Deal

Following Elon Musk’s announcement of his revived Twitter purchase agreement, the cryptocurrency market saw a surge, particularly among Dogecoin investors. On-chain statistics revealed a total transfer of approximately one billion Dogecoins following the Musk-Twitter announcement.

It’s worth noting that the transfer occurred on the same day that the Tesla CEO’s revival deal was made public.

According to Whale Alert, a service that tracks the flow of currencies across many blockchains, an extraordinary amount of DOGE was transferred from one anonymous wallet to another on October 6.

Whales have transferred a total of over one billion dollars, valued at an estimated $54,345,380, based on these two significant transfers. Whales were almost certainly present to benefit. It has, however, failed to increase the value of the DOGE/USD.

DOGE to Kill Zero?

Given the current trends, it is highly likely that DOGE is preparing for a bullish performance, and therefore, DOGE’s price performance may be excellent in the coming weeks.

However, rising retailer acceptance of Dogecoin, as well as the upcoming Dogecoin hackathon, are some of the reasons why DOGE is on the verge of a bull run. As a result, Dogecoin may be one of the year’s best investments.

Dogecoin Price Prediction – Symmetrical Triangle in Play

Dogecoin has formed a symmetrical triangle pattern, which is extending support near $0.0586. DOGE formed a “hammer” candlestick, which was followed by a powerful bearish wave. This type of pattern typically weakens the bearish trend and signals a bullish reversal.

Dogecoin Price Chart

Dogecoin Price Chart – Source: Tradingview

Other technical indicators, such as the 50-day moving average, are indicating a bearish trend and providing support near the $0.061 level. While leading technical indicators like the RSI and MACD have crossed below mid-levels, indicating a bearish trend.

A bearish breakout of the $0.0586 level could send Dogecoin to the next support level of $0.0527. On the upside, Dogecoin may encounter resistance around $0.0622 or $0.0665. Consider looking for a sell trade that is less than $0.0586 and vice versa.

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