Can DOGE Recover After Elon Musk Loses the Title of World’s Richest Person?

DOGE down around 16% this year. Source: TradingView

It’s been a tough month so far for DOGE, the ticker for Dogecoin, the native cryptocurrency of the Dogecoin blockchain. Dogecoin was unable to muster sustained upside on Tuesday in wake of softer-than-expected US inflation data, failing in its attempts to push back above $0.095 after finding resistance at its 21 and 50-Day Moving Averages.

The dog meme-inspired cryptocurrency has since dropped back under $0.09 once again on Wednesday amid a more hawkish than the market was expecting tone on the need for further interest rate rises from the US Federal Reserve at its latest policy announcement. At current levels around $0.089, DOGE/USD is changing hands lower by around 2.3% on the day on Wednesday and is down around 4.0% this week and 16% this month. Price predictions thus remain subdued. 

DOGE down around 16% this year. Source: TradingView

The bulls had been hoping for a so-called “Santa Rally” to save the day, but it is currently looking much more likely that Dogecoin is going to emulate its December in 2021, where it lost over 20% than its December in 2020, when it surged 24%.

Price Prediction – Dogecoin In The Doldrums

Dogecoin’s promising end to November which had some bulls hoping for a retest of the post-Elon Musk takeover of Twitter high in the $0.16 area did not translate into further Dogecoin upside in December. Indeed, the cryptocurrency for now appears content to ebb within recent ranges and doesn’t seem to carry much of a bullish or bearish technical bias for the time being. According to DOGE/USD’s 14-day Relative Strength Index score of above 40, Dogecoin is currently fairly positioned.

DOGE/USD is close to the 61.8% Fibonacci retracement level back from the early November highs around $0.16 to the annual lows under $0.05, having failed to hold above the 50% Fibonacci level a few weeks ago. Dogecoin continues to trade above an important uptrend likely to come into play if the cryptocurrency continues to fall to the low-$0.08s. A break below this upwards trendline could open the door to a drop towards a key area of resistance in the $0.07s, where the November double bottom, 200DMA and 78.6% Fibonacci retracement level reside.

DOGE eyes bearish breakout towards $0.07s. Source: TradingView

Elon Musk No Longer The World’s Richest Person, Can Dogecoin Recover?

According to Forbe’s updated rich list, as reported by CNBC, Tesla, SpaceX and Twitter CEO Elon Musk is no longer the world’s richest person. A fall in the value of Tesla’s stock price, as well as a valuation of Twitter that puts it at only around 50% of what Musk paid for it, means that Bernard Arnault, the CEO and Chairman of European luxury brand group LVMH, now ranks as the world’s richest person.

Does this matter to Dogecoin? Not really. Elon Musk is known to be a big fan of the cryptocurrency and so if he suddenly lost all of his wealth, power and ability to promote Dogecoin, then that might be a problem. But he has lost none of those things, only his status as the world’s richest person. He still owns Twitter and there is still significant speculation that he might integrate Dogecoin into a future Twitter payments system.

Altcoins Offering Quicker Returns

Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.

Dash 2 Trade (D2T) – Presale Enters Final Stage

Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.

These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features. 

Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $9.7 million. The pre-sale dashboard is going to be released on Friday, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in around one month.

Visit Dash 2 Trade here

Calvaria (RIA) – Final Presale Stage Now

Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.

Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.44 million, with a crypto whale scooping up $97.5K in one purchase last week. The presale is in the final stage, with only 21% of tokens left.

Visit Calvaria Now

RobotEra (TARO)

RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world, including NFT-based land, buildings, and other in-game items. Due to launch in an alpha version in the first quarter of next year, it also plans to let players link up with other metaverses, in the process creating a multi-verse where NFTs from different platforms can interoperate.

1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. The project has now raised more than $545K in funds in the few weeks since the launch of the pre-sale. 

Visit RobotEra Now

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