NFT Tokens ( Non-Fungible-Tokens)

What if Elon Musk Sells His NFT for Dogecoin, Will the Doge Price Hit $1?

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Highlights

    Dogecoin price gaining bullish momentum steadily after experiencing a slight pullback

    The asset can be looked at as a more stable token compared to bitcoin or Ethereum which manifested extreme volatility

Is Elon Musk Planning to Accept Payments in DOGE?

Dogecoin price is well-known to amaze the entire crypto space with eye-catching price movements. A sudden 800% plus jump followed by nearly a 300% plunge, later a 200% spike followed by an 80% decline. Hence with this extreme volatility DOGE price successfully attracted many trading hands that rose the volume more than Bitcoin too. 

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However, in the present scenario, the price appears to have stabilized to some extent. Like the time during the major cryptos like Bitcoin price, Ethereum price, Cardano price, etc are experiencing a massive drop of more than 15%, DOGE price plunged just 4%-5% since the early trading hours. Moreover, at the time of writing, the price gained bullish momentum and initiated a surge.

Recently, the interpreted CEO of Dogecoin, Elon Musk announced a sale of a song on NFT’s and surprisingly, the deal was DOGE rather than USD. When a well-known graphic designer specialized in digital artwork, Mike Winkelmann AKA BEEPLE, offered $60M, Elon Musk replied to close the deal with 420 million DOGE.

However, the deal was on a funnier side, it may be interpreted that Elon Musk may consider Dogecoin as a mode of payment in future. Suppose if the deal would have happened in reality, would it have impacted the DOGE price? 

Whether the price may have impacted or not, yet a new Dogecoin Whale would surely have emerged in the crypto space!!!

Dogecoin Price Analysis, Will the Rebound Escort the Price to ATH?

The DOGE price registered a second monthly high above $0.06, a couple of days before, experienced a nearly 15% plunge. Later the price consolidated for a very short while before attempting to flip the bearish divergence. 

doge price chart

At the time of writing, the dogecoin price is $0.05792 with a jump of 2.92% compared to that of the previous day trade. However, the price initiated the current day’s trade with a plunge which was flipped in the past couple of hours. The RSI indicators are also pointing towards a bull rally, hitting levels close to 60.

Technical Specifications

  • The resistance levels for dogecoin price is at $0.06289
  • The support levels are at $0.05463
  • The indicators for the DOGE price points out at a buy signal

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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