NewsPrice Analysis

DOGE Price Shedding its Profits, Will Elon Musk Jump in Action Again?

Author: Sohrab Khawas

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    Story Highlights
    • Dogecoin price in a crucial phase, where-in a possible break-down may lead the price to new lows

    • DOGE price accelerates each time with mentions from Elon Musk and hence a considerable rally is the need of hour currently to prevent further dump.

    Decisive Phase haunts Dogecoin Price

    Dogecoin price emerged as a monster, entering the top 10 cryptocurrency lists in no time, yet now has entered a crucial phase where-in a strong push is the need of the hour. The hourly chart of the DOGE price indicates that the price has formed an ‘M-Shaped’ pattern and according to technical analysis, it indicates a bearish reversal.

    dogecoin price

    In the previous bull rally, when the DOGE price had formed an M-shaped pattern, the price slashed more than 60% from $0.06 to $0.021. Therefore, if a similar trend replicates with the current price, the dogecoin price may settle around $0.02 levels yet again.

    Will Elon Musk hold up the Sinking Ship

    As the DOGE price accelerated in the past working day, CEO of Tesla and interpreted CEO of Dogecoin Elon Musk, jumped into action. He expressed his support for the DOGE price rally with a series of tweets. 

    Elon musk and Doge price

    As the series of tweets were rolled out, the DOGE price gained huge momentum and hence many speculated the price would hit $1 very soon. But conversely, the price initiated a downtrend and currently sliced the price miserably.

    Now, when Dogecoin price is shedding profusely, will the interpreted CEO again jump in action to prevent further dump?

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