Is Elon Musk’s support of Dogecoin’s (DOGE) Web69 a Reality?

Key Insights:

• Elon Musk and Dogecoin (DOGE) are forever entwined, with Musk continuing to be the key supporter of the meme coin.
• Following announcements of Tesla and SpaceX accepting DOGE payments for merch, Musk could back a Web69 based on Dogecoin.
• The chatter comes amidst a particularly bearish period for DOGE.

Elon Musk is a long-time advocate of Dogecoin (DOGE), bitcoin (BTC), Ethereum (ETH), and even Shiba Inu Coin (SHIB). The Tesla CEO remains vocal on his crypto allegiances, also reflected in the adoption of crypto for payments by Tesla and Space X.

Last month, DOGE got an Elon Musk boost on news that SpaceX would soon accept the meme coin for merch payments.

Since then, Elon Musk and DOGE have reunited, with the talk of Web69.

Elon Musk and a DOGE-Based Web69 – Hype or a Reality?

While crypto adoption is the key to the longevity of digital currencies, advancement is also critical.

Web3 has shown, in its early stages, how virtual assets can deliver a paradigm shift to the world as we know it today.

The latest chatter is on Bitcoin-based Web5 and Dogecoin-based Web69.

Last week, former Twitter CEO Jack Dorsey announced the workings of a new internet at Consensus 2022.

Referred to as the ‘Web3 killer’, TBD, a subsidiary of Block Inc., plans to build a decentralized web-based on Bitcoin.

In contrast to Web3, Web5 is to be identity-based to deliver the true ethos of decentralization.

Dorsey followers responded positively to the announcement. One follower tweeted,

“If Jack and Bitcoin can create web5, then Dogecoin can create web69.”

your move @elonmusk

— jack (@jack) June 10, 2022

 

Jack Dorsey responded to the tweet by challenging Elon Musk with a tweet,

“Your move @elonmusk.”

Elon Musk replied with fire emojis to leave the DOGE community wondering whether a Dogecoin-based web69 can become a reality.

web69 is 🔥🔥

— Elon Musk (@elonmusk) June 11, 2022

A race to deliver a truly decentralized version of the internet to supersede Web3 would be enthralling for Bitcoin and Dogecoin supporters.

DOGE Price Action

At the time of writing, DOGE was down 4.22% to $0.0608.

A bearish start to the day saw DOGE slide through the First Major Support Level at $0.0612 to a low of $0.0607

DOGE Technical Indicators

A move through the First Major Support Level and the $0.0657 pivot would target the First Major Resistance Level at $0.0681.

DOGE would need the broader crypto market to support a breakout from $0.065.

An extended rally would test the Second Major Resistance Level at $0.0726 and resistance at $0.075. The Third Major Resistance Level sits at $0.0795.

Failure to move through the First Major Support Level and the pivot would test the Second Major Support Level at $0.0588. Barring another extended sell-off, DOGE should steer clear of sub-$0.055 levels. The Third Major Support Level sits at $0.0519.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. DOGE sits below the 50-day EMA at $0.0754. This morning, the 50-day pulled back from the 100-day EMA. The 100-day EMA fell back from the 200-day EMA, DOGE negative.

A return to $0.070 would support a move through the 50-day EMA and a possible shift in sentiment.