Dogecoin may rise by 20% in July
Already next month, the Dogecoin rate may rise by 20%. According to Cointelegraph analyst Yashu Gola, since May 11, the token has demonstrated a technical pattern indicating a trend reversal in a falling market.
If the analyst’s forecast comes true, the price of the altcoin will be $0.0941. The existing pattern identified by the expert proved its effectiveness in 79% of cases.
In such a situation, modeled by Yashu Gola, on average, the value of crypto assets increases by 55%. This is evidence that the price of DOGE is able to rise to $0.123.
However, the Cointelegraph analyst emphasizes that the price of the token may fall after overcoming the next maximum. As a result, the cost of Dogecoin may drop to $0.05–0.06, which is 15–25% less than the current values.
Just over a week ago, Elon Musk announced that he was ready to continue to support DOGE in the future. The cost of the altcoin immediately jumped by almost 9% after his tweet.
According to the entrepreneur, “not very rich people” asked him to support DOGE. At the same time, the businessman made a reservation that he himself “never said that you need to invest in cryptocurrency,” and his personal investments in the altcoin are insignificant.
“I never said that people should invest in cryptocurrencies. In the case of Tesla, SpaceX and myself, I bought some bitcoin, but it’s a small percentage of the total amount of money and assets. So, you know, it’s not that big of a deal. I also bought some Dogecoin. Tesla accepts Dogecoin for some items, and SpaceX will do the same. And I intend to personally support Dogecoin. I just have a lot of not so rich people who pushed me to buy and support these coins. So I answer this to the people I talk to when I walk around the SpaceX or Tesla factory. They asked me to support these coins, and I’m doing it,” Musk said.
The entrepreneur has long been considered a big fan of DOGE. For example, against the backdrop of the recent fall in the digital asset market, the billionaire confirmed that he was investing in meme cryptocurrency, but did not specify the details.
