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Dogecoin Price Scuffles at $0.05 With a Drastic Dip in the Trading Volume!

Highlights

    Dogecoin price attempted hard to sustain above $0.05, also offering the dips to the traders to accumulate more.

    Selling pressure mounted as te rounds of Elon Musk being investigated by SEC circulated

Did Elon Musk Inorganically Pump Dogecoin Price?

The Dogecoin price amazed the entire crypto space by rallying more than 800% in a very less timeframe. Moreover, the price smashed its highest level as Tesla CEO Elon Musk attempt hard accordingly

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In a recent update, SEC is rumoured to have opened an investigation into Elon Musk’s tweets on the dogecoin. As the rounds outspread in the crypto space, intense selling haunted the asset which dragged the price and the trading volume to much lower levels.

However, the DOGE price is expected to plunge to much lower levels close to $0.016 in the coming days as per analysts, TOP AIM STOCKS.

Dogecoin Price Analysis

The DOGE price received a massive boost in the form of extensive buying a couple of days before that rallied the price from $0.04 to $0.06. The price however trended within the same margin around $0.05 in the previous trading day and initiated a deep plunge since the early trading hours.

DOGE Price

Currently, the price is attempting very hard to sustain above $0.05 levels. Moreover, as the trading volume has dipped drastically more than 50%, the price is expected to revisit still lower levels in the coming days.

On the other hand, as Elon Mask’s tweets are under the SEC scanner, the possibility of him tweeting again to pump the DOGE price seems unrealistic. Therefore, the DOGE community can uphold the price by nullifying the selling pressure and HOLD the asset.

Technical Specifications

  • The resistance levels are pretty strong and are formed at $0.06
  • The support levels are formed at $0.0444
  • The indicators for dogecoin price are currently neutral

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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