Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The world’s richest man, Elon Musk, recently posted a picture of a Shiba Inu, Dogecoin’s mascot. However, the Dogecoin price failed to react positively to the post, as it has most times done in the past when Musk made similar posts. Dogecoin Price Fails To React to Elon Musk’s Shiba Inu Post
The Dogecoin price failed to surge on the back of Elon Musk’s X post, in which he posted a meme of a Shiba Inuplaying a banjo. DOGE has in the past rallied on the back of such posts because the Japanese dog breed is the meme coin’s mascot. Notably, the post comes amid a crypto market downturn, which has sparked bearish sentiment toward DOGE. Related Reading Analyst Predicts Dogecoin Price “Historic Mega Run” – Here’s The Target 2 days ago
As such, this may explain why the Dogecoin price failed to rally on the back of Elon Musk’s X post. DOGE is currently struggling below the psychological $0.2 price level amid concerns that the crypto market may be in a bear market. The foremost meme coin and other altcoins have declined alongside Bitcoin, which is now way below the psychological $100,000 level.
However, amid speculations that the Dogecoin pricemay already be in a bear market, a positive for the foremost meme coin is Elon Musk’s announcementthat X Money will launch soon. There has been a lot of speculation that DOGE could be included as a payment option in the social media platform’s payment system.
This remains a possibility, considering Elon Musk’s affinity for Dogecoin, even going as far as referring to himself as the ‘Dogefather.’ DOGE’s potential inclusion as a payment option on X Moneycould serve as a bullish catalyst for the Dogecoin price, as it would boost the meme coin’s utility What’s Next For DOGE Amid Bear Market Concerns
Crypto analyst CryptoCeek provided insights into what is next for the Dogecoin price as it continues to decline. In an X post, he noted that DOGE is drifting toward $0.14 again and that a breakdown below this level could put a further drop to $0.10 in sight. This puts the foremost meme coin at risk of losing its bull market structure. Related Reading Analyst Says Dogecoin Price Is About To Burst, Here’s The Target 1 week ago
However, CryptoCeek added that a flip of the 20-day EMA can lead the Dogecoin price to reclaim $0.21. In the meantime, he declared that the range traders are still running the show. Meanwhile, crypto analyst Ali Martinezraised the possibility that Dogecoin’s price could drop to as low as $0.07. He statedthat below $0.16, support for DOGE disappears quickly, with the next real demand zone at $0.07. Source: Chart from Ali Martinez on X
At the time of writing, the Dogecoin price is trading at $0.16, down in the last 24 hours, according to datafrom CoinMarketCap. DOGE trading at $0.16 on the 1D chart | Source: DOGEUSDT on Tradingview.com Featured image from Freepik, chart from Tradingview.com