Dogecoin Slumps Despite Elon Musk’ Starlink-DOGE Tease

Updated:

Tech billionaire Elon Musk has indicated that his satellite internet provider company, Starlink, could start accepting Dogecoin (DOGE) on Twitter.

The SpaceX CEO alluded to the payment system after responding to a question on Twitter about the possibility of Starlink accepting DOGE with a winking face emoji yesterday.

Starlink adopted the mandate of providing high-speed broadband internet to users irrespective of where they might be on the planet. The company now boasts of over 2,000 functional satellites in orbit after carrying out several launches in the past few years. The satellite internet service costs $99 per month and $499 for the hardware kit.

Meanwhile, Starlink operator SpaceX also plans to start receiving Dogecoin as payments. Last year, the company announced that it had accepted DOGE for a moon mission dubbed DOGE-1, which should launch in the first quarter of 2022.

Also, electric vehicle manufacturer Tesla recently allowed for the purchase of some of its merchandise with DOGE, which pushed the meme coin to significant highs following its initial announcement in December.

Elon Musk and his companies continue to maintain strong support for the meme coin and the crypto industry at large. In January, Musk teased fast-food chain McDonald’s to accept Dogecoin in exchange for a free promotion by the popular billionaire. However, the restaurant company laughed off the request, which attracted some criticism from the DOGE community.

Key Dogecoin Levels to Watch — February 14

Despite the recent Starlink-DOGE headlines, the meme coin continues to trade without any meaningful price trajectory, as the price nears $0.1400 on Monday.

DOGEUSD – Daily Chart on Bittrex. Source: TradingView

DOGE failed on two attempts to post a daily candle close above the $0.1650 resistance last week, which triggered a sustained correction towards the $0.1400 support last week. On the broader range, the meme coin appears to be restricted in a range between $0.1650 and $0.1400, as bearish sentiments surface mildly across the market. That said, another slump to the $0.1400 support should force DOGE towards the $0.1200 again, where it should begin the struggle of building momentum again.

Meanwhile, my resistance levels are $0.1650, $0.1800, and $0.1900, and my support levels are $0.1400, $0.1300, and $0.1200.

Total Market Capitalization: $1.87 trillion

Dogecoin Market Capitalization: $19.1 billion

Dogecoin Dominance: 1.02%

Market Rank: #10

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.