Dogecoin Price Prediction: Elon Musk Wins $258B DOGE Lawsuit As Layer-2 Meme Coin Pepe Unchained Raises Over $11M
The Dogecoin price rose by a fraction of a percentage in the last 24 hours to trade at $0.108 as of 03:40 a.m. EST on trading volume that dropped 20% to $465 million.
DOGE’s slight uptick comes after Elon Musk and Tesla Inc. won the dismissal of a lawsuit that claimed they pumped the price of the Dogecoin cryptocurrency in a $258 billion “pyramid scheme.”
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.
However, a New York federal judge dismissed the claims, finding Musk’s statements were “aspirational” rather than factual.
Dogecoin Price Gearing Up For A Bullish Move
According to data from GeckoTerminal , the Dogecoin price, after breaking out of consolidation, has been on a downtrend from $0.1145. It now trades within a falling channel pattern.
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.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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