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Elon Musk’s Latest Twitter Profile Change Is Bad News for Dogecoin Community

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After a multi-week reign, Doge is no longer on Elon Musk’s Twitter profile picture.

Tesla CEO Elon Musk has updated his Twitter profile picture to a space rocket, removing the old one with Doge eyes.

The update is most likely devoted to the rollout of SpaceX’s rocket booster, which marks another significant milestone for the aerospace manufacturer.

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The bombastic centibillionaire has been busy posting awe-inspiring pictures of the first fully stacked starship.

As reported by U.Today, Musk changed his Twitter profile picture to a photograph of himself with Doge reflected in his aviator sunglasses on July 18.

Considering that Musk boasts a whopping 58.9 million followers and unprecedented engagement, this was a stunning ad for Dogecoin, a joke cryptocurrency inspired by the famous Shiba Inu meme. To absolutely no one’s surprise, it caused a sharp price jump.

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Musk’s preoccupation with SpaceX may explain why he has not tweeted anything about Dogecoin in weeks.

The tech entrepreneur, however, did mention the Bitcoin parody at the “B Word” conference, during which he revealed that he personally held some canine coins.

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JPMorgan Has Bearish Warning About Dogecoin and Robinhood

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JPMorgan’s analyst maintains his bearish view on Robinhood due to low retail interest in Dogecoin

JPMorgan has maintained an “underweight” rating on the Robinhood stock, sticking to its $35 price target.  

In a Friday note, analyst Kenneth Worthington cites weak Dogecoin volumes as the key reason why he thinks that the leading online brokerage app is vulnerable.    

As reported by U.Today, the meme cryptocurrency accounted for a whopping 62%  of the firm’s crypto-related revenue in Q2.   

Worthington writes that, unlike cryptocurrency-focused trading platforms, Robinhood has failed to record an upsurge in trading volumes this October:

While 3Q21 volumes remain robust, they slowed down materially from 2Q21 levels.       

Dogecoin is only up a modest 15% this month, significantly underperforming its canine rival Shiba Inu. Yesterday, Robinhood CEO Vladimir Tenev seemingly dodged a question about listing plans for SHIB amid rampant speculation on social media.

In late September, Worthington also wrote that the company’s stock could experience significant selling pressure after the expiration of the lockup period on Dec. 1. More than half a million shares will be unlocked on that day.

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Robinhood is set to announce its Q3 earnings on Oct. 26.  

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Elon Musk Says He Will Become First Dogecoin Trillionaire

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The Tesla CEO says that he will become the world’s first trillionaire in Dogecoin

Tesla CEO Elon Musk claims that he will become the world’s first Dogecoin trillionaire in a recent tweet. 

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Musk’s net worth has now swelled to $249 billion, according to the Bloomberg Billionaires Index. 

The entrepreneur is now worth more than the gross domestic product of New Zealand (and he’s close to surpassing Portugal).

His wealth has increased thanks to the renewed Tesla rally. The shares of the leading e-car maker hit a new all-time high of $910 earlier today.

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Morgan Stanley predicts that Musk is on track to become the world’s first trillionaire thanks to SpaceX. 

In July, Musk revealed that he personally owns Bitcoin, Dogecoin and Ether. 

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Dogecoin Price Prediction: DOGE poised for 64% breakout if this key level breaks

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  • Dogecoin price looks ready for a 64% climb as it moves higher toward the upper boundary of the symmetrical triangle pattern.
  • A break above $0.269 could put the bullish target of $0.435 on the radar.
  • DOGE may discover a strong foothold at $0.242 if selling pressure spikes.

Dogecoin price is preparing for a 64% rally, but the dog-themed token has one last hurdle to overcome before the bullish target is in the offing. DOGE must climb above the descending resistance trend line that has acted as a headwind for the token since June 3. 

Dogecoin price to clear one last barrier

Dogecoin price has formed a symmetrical triangle pattern on the daily chart as the bulls catch their breath. While DOGE consolidates, the token is supported by a few significant technical indicators, suggesting that the token is poised to aim higher.

The prevailing chart pattern suggests a 64% climb for Dogecoin price if the token manages to slice above the upper boundary of the technical pattern at $0.269. Before the bulls can anticipate a bull run toward the optimistic target, DOGE would also need to conquer the nearest resistance at 50% Fibonacci retracement level at $0.255.

If a spike in buying pressure occurs, and Dogecoin breaks above $0.27, DOGE would be met with another obstacle at the 61.8% Fibonacci retracement level, coinciding with the 200-day Simple Moving Average (SMA) at $0.277. 

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Additional hurdles may emerge at the 78.6% Fibonacci retracement level at $0.310, then at the August 16 high at $0.351 before eventually reaching the aforementioned bullish target at $0.435.

DOGEUSDT

DOGE/USDT daily chart

Given that Dogecoin price is still trapped in a consolidation pattern, DOGE could still oscillate within the governing technical pattern until a decisive move toward the upside, accompanied by a surge in buy orders. Until then, the dog-themed token may be exposed to minor sell-offs, in which case the nearest foothold at the 100-day SMA at $0.242 will act as substantial support. 

Adding credence to the strength of this support level is IntotheBlock’s In/Out of Money Around Price (IOMAP), indicating that 80,240 addresses purchased 14.73 billion DOGE at an average price of $0.242. 

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DOGE IOMAP

DOGE IOMAP

Additional lines of defense will appear at the 20-day and 50-day SMAs, which sit at $0.238 before dropping lower toward the 38.2% Fibonacci retracement level at $0.233. Only a rise in selling pressure would see Dogecoin price tag the lower boundary of the triangle at $0.213. 

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