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Elon Musk Jumped In to Uphold Dogecoin Price, Is Still $1 imminent?

Highlights

    Dogecoin holders experienced one of the nightmare with a steep crash in the price recently

    The repeated attempts of Elon Musk aided the price to jump above $0.5 and sustain above these levels

    Yet many still believe the doge price may consolidate before a leg up towards the set target at $1

Tesla Accepting Doge, A Realistic Move Or An uplift Strategy?

Coinpedia had earlier reported about the dogecoin price manipulation and the role of Elon Musk. Due to extreme losses, the doge community reached out Mr. Musk to shill price yet again.

No doubt, Musk attempted on the same day, yet no notable impact was seen as the price could not surpass $0.49 levels. In a recent update, Musk with another tweet, rallied the DOGE price yet again.

Tesla had earlier announced adding up bitcoin as one of the payment options and now with the opinion poll, Musk showcased a ray of hope in the dark. The price crossed $0.5 and successfully sustained at the press time. 

Yet the question arises, whether it is the future plan of Tesla or a strategy to rally the price yet again!

Dogecoin Price May Consolidate Still More

DOGE price after the steep drop yet continued to decline further below $0.5 levels to hit $0.45 within a short time frame. Yet, gaining a strong bullish momentum, price rallied and attempting hard to sustain above $0.5 levels.

The price however, is expected to consolidate within the similar range for some more time before a leg up. As analyzed by a popular analyst, Altcoin Sherpa, technical analysis doesn’t work for dogecoin price. And probably it may do high without any reason.

Overall, DOGE price currently appears to have initiated with a recovery as the doge army is attempting hard to uphold the price. However, unlike the other assets which rally depending on fundamentals, dogecoin price rally relies on the market sentiments. Therefore, if tesla is really open for the DOGE as payment option, then it’s a good advancement for the doge ecosystem. Else if it is an uplifting strategy, yet another dump may be incoming.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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