{"id":570951,"date":"2024-08-30T09:33:01","date_gmt":"2024-08-30T09:33:01","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=570951"},"modified":"2024-08-30T13:31:29","modified_gmt":"2024-08-30T13:31:29","slug":"dogecoin-price-prediction-as-elon-musk-wins-258-billion-doge-pyramid-scheme-yet-pepe-offshoot-steals-spotlight-with-11m-funding-raise","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/dogecoin-price-prediction-as-elon-musk-wins-258-billion-doge-pyramid-scheme-yet-pepe-offshoot-steals-spotlight-with-11m-funding-raise","title":{"rendered":"Dogecoin Price Prediction: Elon Musk Wins $258B DOGE Lawsuit As Layer-2 Meme Coin Pepe Unchained Raises Over $11M"},"content":{"rendered":"

The Dogecoin price rose by a fraction of a percentage in the last 24 hours <\/span>to trade at $0.108<\/a> as of 03:40 a.m. EST on trading volume that dropped 20% to $465 million.<\/span><\/p>\n

DOGE’s slight uptick comes after Elon Musk and Tesla Inc. won the dismissal of a lawsuit<\/a> that claimed they pumped the price of the Dogecoin cryptocurrency in a $258 billion “pyramid scheme.”<\/p>\n

Investors who lost big chunks of money faulted Musk for promoting the token to his millions of Twitter followers and then inflating the price by announcing that Tesla would accept Dogecoin as payment for merchandise.<\/p>\n

However, a New York federal judge dismissed the claims, finding Musk’s statements were “aspirational” rather than factual.<\/p>\n

Dogecoin Price Gearing Up For A Bullish Move<\/h2>\n

According to data from GeckoTerminal<\/a>, the Dogecoin price, after breaking out of consolidation, has been on a downtrend from $0.1145. It now trades within a falling channel pattern.<\/p>\n

The Relative Strength Index (RSI) seems to be rebounding from the 30-oversold region, currently at 40. Traders might see this as an indication that investors are adding to their positions.<\/p>\n

Meanwhile, the Moving Average Convergence Divergence (MACD) is also bullish, as the MACD line rebounds towards the neutral line. Moreover, the blue MACD line is crossing above the orange signal line, which is an indication that the price of Dogecoin is currently in a positive trend.<\/p>\n

\"Dogecoin
DOGEUSD Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

The Dogecoin price analysis shows the token is gearing up for a bullish trend reversal over the falling channel pattern, as the bulls target $0.1153.<\/p>\n

However, DOGE still trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, which may encourage the bears to push DOGE through a correction. In such a scenario, $0.0946 acts as the immediate support level.<\/p>\n

As the Dogecoin gets ready for a potential rally, investors are rushing to buy the new meme coin Pepe Unchained (PEPU)<\/a>.<\/p>\n

99Bitcoins, a prominent crypto channel on YouTube with more than 706K subscribers, says that PEPU could soar 100X after its launch.<\/p>\n