Dogecoin (DOGE) Price Can Reach $0.3 per Coin?

Bittime - Dogecoin (DOGE) has once again become a hot topic of conversation among crypto investors. Last weekend, DOGE prices jumped 11% following a general increase in the crypto market. This price spike pushed the dog-themed token to test a key resistance level, prompting bullish predictions from crypto analysts. Positive sentiment also emerged after the latest comments from Elon Musk regarding this largest cryptocurrency and memecoin by market capitalization.

Dogecoin Attempt Breaks Key Level

Over the past week, market observers have expressed their bullish predictions for Dogecoin. Daan Crypto Trades states that DOGE is showing strength after trading above the 200 daily MA/EMA last week and testing a multi-month diagonal trendline.

DOGE is attempting to break the descending trend line again after trading above the $0.134 resistance level early on Monday. According to Daan, Dogecoin price could climb higher in the coming weeks if it can stay in the $0.13 area.

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Dogecoin Technical Analysis

Crypto analyst Poseidon also noted that DOGE's daily 50-200 EMAs are starting to approach each other again. According to this analyst, this will lead to expansion above the previous yearly high of $0.22. Poseidon added, "$0.3 on the horizon, dog lovers."

Amid the market recovery, renowned crypto analyst Ali Martinez revealed that Dogecoin is playing the same pattern as before. Based on this pattern, DOGE has the potential to experience a rally of 140%-230% before experiencing a retracement of around 60%. According to this analyst, DOGE investors just need to "wait" as this memecoin enters a bull run after a retracement.

When this article was written, Dogecoin was between $0.129 and $0.130, experiencing a 0.5% decline in the last 24 hours. However, this performance represents price spikes of 7.6% and 5.3% in a two-week and monthly time span.

Elon Musk and Dogecoin

On Sunday, Tesla CEO Elon Musk joined The X Takeover event hosted by the Silicon Valley Tesla Owners club. In his virtual appearance, Musk discussed his views on technology, space exploration, sustainability and cryptocurrency.

Musk made it clear that he would not promote crypto, but might mention it jokingly in the future. He also stated that he has no negative views on cryptocurrencies despite refusing to support them outright.

Musk explained that certain crypto assets, including Bitcoin (BTC), have value in his eyes, but investors will not see him pumping those cryptos. However, the billionaire added that he likes Dogecoin because of his love of dogs and memes.

DOGE Community Reaction

The DOGE community had mixed reactions to Musk's comments. Some investors consider the comments to be bad news for Dogecoin and its holders because it means he no longer supports adoption of this memecoin. "I don't think putting Doge on the Moon is something he's considering anymore," wrote one response.

However, others believe that clarification of Musk's stance on crypto is necessary as some people will "think he is against crypto which is not true." Additionally, many investors think that their preference for DOGE is bullish for this memecoin.

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Conclusion

Dogecoin has shown significant bullish potential after its latest price spike. With support from leading crypto analysts and positive sentiment from Elon Musk, it is possible that DOGE could break the price of $0.3 per coin in the near future. However, as always in the crypto world, investors should remain alert to market volatility and stay up to date with the latest developments.

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