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Elon Musk Once Again Backs Dogecoin, Says BTC and ETH Are Slow and Expensive!

Elon Musk, the billionaire founder of Tesla, has frequently favored dogecoin above bitcoin and ethereum, believing that the costs and speeds of bitcoin and ether transactions are too expensive and slow at the foundation layer. 

Due to a planned update for Dogecoin, Elon Musk has stated that using DOGE has appeal because BTC and ETH are slow.

In a tweet on July 8, Musk claimed that Dogecoin could be a better payment mechanism than Bitcoin (BTC) or Ethereum (ETH). The billionaire speculated that consumers could use DOGE to make speedier payments at a lesser cost. As a result, maximizing the meme coin’s base layer transaction rate has “merit.” 

Bitcoin and altcoins have been in a consolidation range, attempting to avoid more falls. Over the last few months, weekends have shown to be bearish, with a sell-off followed by low liquidity. While the bulk of altcoins, including Dogecoin (DOGE), have seen huge price drops, Dogecoin has seen a positive boost in price following Elon Musk’s announcement.

At the time of writing, the meme currency’s price had risen to $0.215 and was beginning to show signs of recovery. 

Before any pullback, Dogecoin might attempt resistance at $0.25 levels in the event of a breakout. $0.2455 is the second big resistance level. 

The $0.195 level is currently the focus of attention. If the market closes decisively below it, the short-term market structure will be downgraded, putting the $0.17 level into focus next. The barrier mark on the upside is $0.30, and the rally might escalate into $0.46. 

However, the RSI is approaching oversold levels, indicating a possible relief bounce in the next sessions.

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Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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