Dogecoin Price Prediction as DOGE Falls 23% in a Week – Time to Buy the Dip?
The price of Dogecoin has been facing significant selling pressure in recent days, resulting in a 23% drop in value over the past week. Despite this, trading volume for DOGE has increased significantly, with a 128% spike to $668 million. Currently, the price of Dogecoin is $0.0740.
The rain started beating down on the Dogecoin price earlier this week when billionaire Elon Musk insinuated that he might be leaving Twitter as CEO. Musk has been at the helm of one of the world’s largest social media platforms for barely three months, within which he hinted at integrating DOGE as Twitter’s official cryptocurrency.
Dogecoin's price has become highly reactive to Elon Musk's tweets and comments since he assumed control of Twitter. This was demonstrated in October, when the price of DOGE rose by over 178% after the confirmation of Musk's acquisition of the social media platform, reaching a trading value of $0.1596.
With Musk’s time at Twitter seemingly running out, Dogecoin's price could take another hit. However, there is still a chance that the billionaire will stay at Twitter to see the company through the changes he envisioned before bidding to acquire it.
The news that Elon Musk may leave his position as CEO of Twitter caused Dogecoin's price to plummet, with DOGE continuing its downward trend from December and falling below the support level of $0.0744. However, the presence of a concentration of buyers at $0.0702 was able to prevent further losses and keep the price from dropping to even lower levels.
A quick rebound from that support level allowed the Dogecoin price to print a green candlestick. DOGE is now exchanging hands at $0.0742 while bulls engage in an intense tug-of-war with the bears.
The Moving Average Convergence
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