We recently witnessed another boost to the memecoin market led by a tweet from the legendary Elon Musk..
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
As a result, coins like DOGE and FLOKI started trading higher almost instantly, proving once again the influence of the mighty Tesla man in the crypto space.
Regarding this movement, we decided to consult Lisa N. Edwards for the short-term projections on Dogecoin and his technical perspective on the current performance of its price.
Lisa N Edwards is a crypto influencer and one of the most respected traders in the medium, In addition to being a full-time crypto activist and businesswoman; which is the screenwriter of Coinrunners; a cryptocurrency-focused Hollywood film that released a collection of NFTs to finance the project in exchange for benefits such as partial distribution of film royalties.
According to Lisa, DOGE may struggle in 2023 and higher price levels may only see a 2022 double top.
“With Elon’s star moving behind a Twitter cloud and Tesla drama, his latest tweet seems to have little to no effect on the currency’s move, just 6% which is a small move for crypto.”
While AI has generated a lot of buzz, DOGE seems to have gone unnoticed.
It has been fighting against the 100 and 200 SMAs while the VPVR (Visual Range Profile) shows that there is a lot of support in this region, maintaining LONG-TERM support since October 2020 with just a small dip below at the time of the FTX drama.
DOGE/USDT Daily chart. Source: TradingView
The RSI is in the midline with the support of the SMA, which shows that the BULLS still have hope; as long as the long-term support at $0.071 holds, DOGE could see upper targets between $0.1618 – $0.20526 in the next month. If the longer-term support is broken, the June 2022 low of $0.0498 could be retested.
Finally, the popular trader left us a reflection:
“Are the cats about to take over? With meme coins like CATE continuing to grow in the next bull run, how DOGE will perform in the remainder of this first quarter remains to be seen.”
The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.