Dogecoin Price Fails To Rally After Elon Musk Post Amid Bearish Sentiment; X Money Integration Hopes Remain
Dogecoin Price Fails To Rally After Elon Musk Post Amid Bearish Sentiment; X Money Integration Hopes Remain
This article examines Dogecoin's (DOGE) recent price action, noting its surprising failure to react positively to Elon Musk's latest post featuring its Shiba Inu mascot, a pattern that previously triggered rallies. Amid a broader crypto market downturn and growing bearish sentiment, DOGE is struggling below the $0.2 psychological level. Analysts provide cautious price predictions, with some forecasting further drops to $0.14, $0.10, or even $0.07, while others see potential for a rebound to $0.21. A significant potential bullish catalyst remains the speculation around DOGE's inclusion as a payment option within X Money, given Musk's known affinity for the meme coin, which could substantially boost its utility.
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 Inu playing 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.
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 price may already be in a bear market, a positive for the foremost meme coin is Elon Musk’s announcement that 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 Money could 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.
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 Martinez raised the possibility that Dogecoin’s price could drop to as low as $0.07. He stated that below $0.16, support for DOGE disappears quickly, with the next real demand zone at $0.07.
At the time of writing, the Dogecoin price is trading at $0.16, down in the last 24 hours, according to data from CoinMarketCap.