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Elon Musk Thinks Dogecoin Is Superior to Shiba Inu and Bitcoin as Means of Payment

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Elon Musk prefers Dogecoin over Bitcoin and Shiba Inu as a means of payment

Elon Musk believes that Dogecoin is a far superior form of payment compared to Bitcoin and Shiba Inu.

The Tesla boss liked a tweet posted by Billy Markus, the co-founder of the original dog-themed coin, that compares the transaction fees of the three above-mentioned cryptocurrencies.

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Earlier this week, as reported by U.Today, Dogecoin implemented a hotly-anticipated software update to dramatically reduce the cost of transactions on the network to just 0.01 DOGE (roughly $0.002) per kilobyte.

Because of the recent performance improvement, it is much cheaper to send Dogecoin than Bitcoin and Ethereum-based Shiba Inu.

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Last month, Musk confirmed that he didn’t own any SHIB tokens, but this didn’t prevent the second-largest canine coin from rallying to record highs and briefly surpassing Dogecoin.

In late May, the centibillionaire escalated his spat with Bitcoiners after taking the side of Bitcoin Cash supporters in a debate about transactions fees.

In August, Musk agreed with fellow entrepreneur Mark Cuban on Dogecoin being the strongest cryptocurrency when it comes to commerce

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Ethereum

Ethereum and Dogecoin Primed for Breakouts As Crypto Markets Gear Up for Bullish December, According to Analyst Justin Bennett

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Crypto analyst Justin Bennett says that December could bring rallies to the digital asset markets, with Ethereum (ETH) and Dogecoin (DOGE) potentially at the forefront.

The analyst tells his 91,000 Twitter followers that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is flashing a bullish signal for the crypto markets.

A weaker DXY often signals higher prices for many assets. Bennett notes that DXY may have just had a failed breakout, and could now be facing downward momentum.

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“DXY looks good for a crypto rally heading into December.

Friday’s close back inside this channel indicates weakness. Now for a close below 95.80.

Let’s see.”

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Source: Justin Bennett/Twitter

Bennett also has his eye on the chart for the total market cap of crypto (TOTAL). According to him, TOTAL is nearing the end of a large bullish descending wedge. He also notes a divergence between the rising relative strength index (RSI) and the downward price movement. A rising RSI during a downtrend is often interpreted as a hint of a bullish reversal.

“TOTAL falling wedge and bullish divergence developing on the intraday charts.

Something to keep an eye on.”

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Source: Justin Bennett/Twitter

Looking at Ethereum, the analyst says that next month looks good for the world’s second-largest crypto. Bennett says ETH is “poised to do well in December,” and could already be jostling for a breakout, as long as it sees more volume.

“ETH approaching a breakout level.

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Just add volume.”

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Source: Justin Bennett/Twitter

Also joining the rallies, according to Bennett, is leading memecoin Dogecoin (DOGE). He says DOGE is in the middle of a breakout, with its first key resistance at $0.25, and a final resistance level at all-time highs above $0.75.

“DOGE is breaking out.”

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Source: Justin Bennett/Twitter

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Binance

Binance Exchange Resumes Dogecoin (DOGE) Deposit and Withdrawal

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  • Dogecoin deposit and withdrawals and now opened on Binance exchange.
  • All the deposits and withdrawal crises have been resolved on Binance.

Binance team just announced that they have now resumed all Dogecoin deposits and withdrawals services on their exchange. According to them, they have resolved all the disheartening network problems that occurred during their DOGE wallet upgrade with Dogecoin Core maintainers. This means that DOGE holders can now experience a new level of Dogecoin-related services from today.

Citing from the report, as soon as Binance exchange and Dogecoin Core maintainers resolved the problem, more than 1634 users received a duplicate DOGE transaction in their wallets.

In a separate announcement, the Binance team explained that the issue wasn’t from their side and moreover, they never intended for such an unforeseen issue to occur. Additionally, the team even gave quick scenarios on some factors that could lead to this kind of issue.

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Your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4) and then updated to v1.14.5 — you can have an issue.

The announcement further assured users that Binance and the Dogecoin Core team will work together to diagnose, solve, and prevent similar issues from occurring in the future. Furthermore, this Dogecoin withdrawal issue caused a slight clash between Elon Musk and Binance CZ.

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Dogecoin

Dogecoin price analysis: DOGE rejected at $0.207. What’s next?

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  • The Dogecoin price analysis is bearish.
  • Resistance is found at $0.209.
  • Support is present at $0.203.

The Dogecoin price analysis is bearish today. After the 26th November flash crash and hitting November’s low, DOGE recovered slowly for two days and again faced rejection at $0.207 today, which is already a quite lower price level for DOGE/USD. Overall, DOGE is on the decline from 29th October and has not been able to break out of the bearish cycle.

The broader cryptocurrency market has been bullish for the last 24 hours, along with Bitcoin and many altcoin‘s turning green reporting handsome profits. However, many coins are observing a reversal today, and even Bitcoin, after swinging high, has reverted back to some degree which may also turn negative in the coming hours.

DOGE/USD 1-day price chart: DOGE needs to consolidate to stop further downside

The 1-day Dogecoin price analysis shows the coin has covered a downwards range today again after recovering a little for the last two days, but the recovery was not sufficient enough to change the trend, and the coin continued downside today again. Doge has not been able to enter consolidation as the market sentiment continues to be negative. DOGE/USD is trading hands at $0.205 at the time of writing.

However, due to the positive price function for the last two days, the coin reports a 2.89 percent increase in value over the last 24 hours, the only reason being the last spike in price just four hours ago. The real picture is that the coin has lost 7.86 percent over the last week. The trading volume has also turned down by a little more than four percent.

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Dogecoin price analysis: DOGE rejected at $0.207. What's next? 1
DOGE/USD 1-day price chart. Source: Tradingview

The volatility is high for DOGE, with the Bollinger bands covering more area, the upper band is present at the $0.273 mark, and the lower band is at the $0.191 mark representing a support zone for DOGE. The mean average of the indicator at $0.232 represents the resistance zone for DOGE.

The moving average (MA) continues to trade above the price level at the $0.214 level complementing the bearish trend. The relative strength index (RSI) is also at a lower level of index 35, trading on a downwards slope indicating more selling activity in a low momentum market.

Dogecoin price analysis: Recent developments and further technical indications

The 4-hour Dogecoin price analysis shows a countable decrease in price as well. The overall trend on the 4-hour chart is also downwards, with a clear pattern of smaller steps upside followed by steep plunges on the downside; however, a high spike was observed during the last four hours of yesterday’s session, which helped in marking a green candlestick on the 1-day chart as well, indicated by a longer second last green candlestick on the 4-hour chart.

Dogecoin price analysis: DOGE rejected at $0.207. What's next? 2
DOGE/USD 4-hour price chart. Source: Tradingview

The MA here is below the price level at the $0.202 mark, and the RSI is also at a better score of 45 due to the price spike observed recently but still in the lower half of the neutral zone and again trading on a downwards slope.

Dogecoin price analysis: Conclusion

The Dogecoin price analysis concludes the DOGE has followed Bitcoin’s pattern pretty basically. If Bitcoin tanks which is already on a decline since 9th November, then all crypto follows. DOGE has spiked high whenever Bitcoin breakouts to ATH, as is obvious from May, June, and then from October bull run of DOGE, so if Bitcoin continues downside towards $48k range, then we see DOGE test $0.170 range. For intraday trading, the coin is expected to continue downside for the next 20 hours.

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