Dogecoin (DOGE) Analysis: September Forecast and Price

Dilip9777

"Dogecoin (DOGE) Analysis:
While the Bitcoin price failed to sustain above the crucial level of $27,800, it needs to close above $28,800 to achieve an upward trend. What about Dogecoin? The meme coin king is preparing for September, facing two choices: either follow Bitcoin's path or create its own path through surprising announcements. So, what scenarios might unfold, and what can investors expect?

X (formerly known as Twitter) is expanding its payment permissions. However, the announcement of the latest license hasn't had the anticipated lasting impact on cryptocurrency prices. This needs to be understood clearly. The regulatory uncertainty around cryptocurrencies is enough to deter even someone as bold as Elon Musk. Due to this uncertainty, the company lacks specific steps or timelines for cryptocurrency payments.

In a time when even giants like Mastercard are becoming hesitant, X launching cryptocurrency payment services would mean Elon Musk is challenging regulatory authorities. Even without cryptocurrencies, launching integrated payment services through a social media platform is already a legal issue. We've mentioned the warnings from U.S. politicians regarding this matter.

In this context, with Musk's announcement, DOGE seems unlikely to experience sustained growth in September. Considering Bitcoin's continued decline in September and the possibility of the U.S. Securities and Exchange Commission (SEC) appealing the recent decision, the coming month might not be favorable for the meme coin king.

DOGE Turkish Lira (TRY) Price:
According to data from 21milyon.com, DOGE is priced at 1.76 TRY. The cumulative trading volume on local Turkish exchanges is around $172 million. DOGE has generated significant interest in Turkey, particularly as a speculative altcoin. However, the price of DOGE has deviated significantly from the typical daily candle patterns we're used to, with fluctuations exceeding 20%.

Looking at the USDT trading pair, the price is struggling to break above the upper channel line. After yesterday's news release, the price surged but once again dipped below the $0.06547 line. In the short term, a closing price above $0.063 suggests potential for further recovery.

If the upper channel line is breached, a new uptrend toward the $0.0772 zone might start. On the contrary, following Bitcoin's performance, a test of the support level could be seen. If that support level is lost, we might unfortunately witness the third attempt this year to break the $0.055 support level. The third attempt to breach a downward support is a common occurrence."