Dogecoin has been on a bit of a rollercoaster lately. After a ten-day slump, it bounced back from its $0.31 support level. Now, the big question is: can it break through the $0.4 barrier?
Elon Musk’s Influence
One analyst thinks so. They point to Elon Musk’s continued support as a major factor. Musk’s vocal advocacy has turned Dogecoin from just another meme coin into something much bigger. His plans for XMoney, a blockchain-based payment system, could integrate Dogecoin across Tesla and SpaceX, boosting demand significantly. Plus, Musk’s connections (like his relationship with Donald Trump) bring extra attention to crypto, benefiting Dogecoin in particular.
Technical Analysis Points Upward
Technical indicators are also looking bullish. Analysts predict a price surge above $0.4, suggesting a breakout from its current trading range is imminent. Even a temporary dip back down after breaking through wouldn’t necessarily invalidate this positive outlook.
AI and the Future of Dogecoin
Finally, the analyst highlights the growing artificial intelligence industry as a potential catalyst. Given Musk’s involvement in both AI and crypto, Dogecoin could benefit from the convergence of these two powerful forces. This could be the final push needed to not only surpass $0.4 but potentially even hit a new all-time high above $0.73.
Current Status
At the time of writing, Dogecoin is trading around $0.33, up 6% in the last 24 hours.
