Dogecoin (DOGE) has had a tumultuous year, with its value soaring and falling drastically. As the meme crypto continued its meteoric rise, Elon Musk and whales were very active in pushing Dogecoin's price, raising serious questions among members of the crypto community. Recently, a lawsuit was filed against Musk, alleging that he took personal advantage of the Dogecoin craze and caused an artificial 36,000% surge in prices through manipulative tweets. A number of substantial transactions by whales further stirred the market, creating speculation of some unseen forces at work.

Technical analyses of DOGE suggest a mixed outlook for the meme crypto. On the daily chart, a band of support and resistance levels influenced price action, with the CMF and MACD giving mixed signals. In the shorter timeframes, Dogecoin experiences mixed signals from bullish and bearish indicators in the CMF, MACD and RSI. Analysts expect a bearish swing in the coming weeks, but the price may be stabilizing near the level of $0.0713.

Whilst Elon Musk and whales remain influential players in the Dogecoin market, the value of DOGE will also depend on the outcome of the lawsuit against the Tesla CEO. Musk's lawyers are currently fighting the claims of 'pump & dump', however some traders remain unconvinced and there is still a risk that the market may take a hit in the near future. Successful investors will keep an eye on events & news by staying informed, and be aware of their own financial exposure. As with any other cryptocurrency investment, Dogecoin comes with its inherent set of risks and rewards, and investors should do their due diligence in the decision-making process.



Other News from Today