Dogecoin Price Prediction – Elon Musk to Add DOGE Payments on Twitter?
Dogecoin price prediction remains bullish, especially above the 38.2% Fibonacci retracement level of $0.1200. Despite billionaire Elon Musk's strong support, Dogecoin failed to extend its previous four-day bullish rally and lost some ground.
Elon Musk, a billionaire, has long been a fan of the cryptocurrency Dogecoin, and the price of Dogecoin increased by more than 145% this week as a result of his official takeover of Twitter last week. However, the gains were gradually fading as it broke its winning streak and was regarded as one of the day's top losers.
The recent interest rate hike by the US Federal Reserve, which had a negative impact on the entire crypto market, could be the cause of its recent declines. Therefore, the cryptocurrency market's poor performance also played a significant role in undermining Dogecoin.
On the other hand, there have been numerous positive reports about Dogecoin's potential adoption, which may significantly increase its price. This can be seen in Elon Musk's recent discussion about using Dogecoin as a payment method.
On Halloween, the world's richest entrepreneur used DOGE army insignia and hinted that he would accept Dogecoin as payment for Twitter features. The use of a winking emoji strengthens that idea.
In the summer, Musk became the largest single investor on Twitter after purchasing 9.1% of the company's stock.
Since then, the Dogecoin army has been eagerly anticipating this development. He was eventually asked to become a board member. He declined, though. Back then, Elon proposed integrating DOGE as a payment option for Twitter Blue.
Bloomberg reported on Friday that a class-action complaint has been filed in federal court in San Francisco over Elon Musk's proposal to lay off
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