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Dogecoin Primed For Nasty Crash To $0.05 And Not Even Elon Musk Can Save

Dogecoin

TL: DR Breakdown

  • Dogecoin is likely to have the worst crush ever.
  • Not Even Elon Musk Can Rescue Dogecoin From Incoming Crash.
  • DOGE price analysis chart reveals a head and shoulder trend.

According to a prominent strategist analyzing meme coin. Dogecoin is likely to have its worst crash of all time. The meme coin has dropped by more than 60% from its May 8 all-time high.

Dogecoin was set for an uptrend last month following its popularity on social media platforms. This was triggered by Elon Musk, who posted about DOGE on his tweeter account. The billionaire also seemed like he wanted to adopt DOGE in making Tesla’s payments after he dismissed bitcoin payment in purchasing the electric-powered auto motives. The virtual currency analyst believes that the joke coin could record a very significant drop. He said that not even the crypto influencer Elon Musk will not be in a position to stop the dip.

Not Even Elon Musk Can Rescue Dogecoin From Incoming Crash

In the past few weeks,  buyers have been trying to curb the bearish DOGE trend. However, their efforts have not yet yielded fruits has still the general DOGE market is bearish. Bears have blocked its attempt to bounce back.

DOGE price analysis chart reveals a head and shoulder trend. This is a bearish kind of formation, indicating a potential dip.

Source: Tradingview

According to Tyler Durden, a popular cryptocurrency. Meme coin could be ending in a more bearish direction where he said the joke coin might suffer 66% correction in a few months to come. The analyst explains the Head and should trend as “programmed,” he emphasized, the trend is likely to wound the meme coin by causing a significant drop. If the support level of Dogecoin is breached

The prominent virtual currency analyst said  DOGE price is likely to drop to $0.05. He noted that Musk’s social media influence will not work out this time. Dogecoin price has been affected by tweets from the billionaire. Last month he posted a tweet asking people if he should allow Dogecoin as an alternative payment method after burning Bitcoin (BTC) payments on his e-cars company. The tweet affected the entire virtual currency market. The largest digital asset (BTC) was the most affected asset. After the tweet, DOGE price hiked. However, things were different for BTC, where it dropped in price.

 

 

Moses Kimathi

Moses Kimathi

Nothing else motivates Moses than crypto. He loves writing and following closely events on the king of crypto. In five years time, he is looking forward to riding the crest of Cryptopolitan as the go-to site for critical thinkers and influencers.

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